21 September 2005

The Web

Volksbank announces good results for first half year

Österreichische Volksbanken-AG, the parent company of local commercial bank Volksbank Malta, recently presented its review of a successful first half-year 2005. “Apart from the definite increase in growth and profit, the take-over of Investkredit was an absolute highlight in the centre of the business activities,” Managing Director Herbert Skok explained. “Moreover, ÖVAG has successfully carried out an efficiency programme, which is presently being implemented.”
Following the acquisition of Investkredit, preparations for the integration were started in August and should be completed by the end of the year. “Österreichische Volksbanken-AG had already presented an important aspect of the integration of Investkredit in their take-over bid,” Mr. Skok continued. “Within the ÖVAG-group, Investkredit will be the competence centre for corporate finance.”
Parallel to the present challenges, Österreichische Volksbanken-AG has excellently succeeded in clearly improving growth and result within the first half-year 2005: The balance sheet total as per 30th June 2005 has increased by 26 billion Euros. This means an increase of 9.4 percent in comparison with the value by the end of 2004.

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