Because of several factors, including a high banking tax, a costly FX loans relief scheme and the political climate, Hungary is seen as a “problematic territory” by big Western banks but not by Oberbank, said its CEO. “We are not perceived to be such a threat, perhaps because of our size”, Gasselsberger said to Austrian news agency APA.
Oberbank’s expansion plans were boosted by the fact that big foreign banks such as Erste Bank and CIB have closed down some of their branches. But Oberbank is only planning organic growth. “We are not buying anything from other banks, and we are not buying other banks”, Gasselsberger stated.
Oberbank is number eight in Austria’s banking market. Its total assets reached €17.5 bln at the end of June. Oberbank is increasing its presence in Central Europe and also opening new branches in the Czech Republic, in Austrian and Germany. The Austrian bank scooped up a net profit of €73.6 mln in the first half of this year, 10.8% up from €66.4 mln a year ago. Its loan portfolio grew by 3.6%.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
