EN RU LV

BANKS EEA

Acquiring a bank

Acquiring a bank is complicated transaction. It involves all the processes of acquisition including receiving financial regulatory approvals.
READ MORE
  • AUSTRIA

    Inhabitants - 8,217,280 (July 2011)

    Language - German (official nationwide) 88.6%, Turkish 2.3%, Serbian 2.2%, Croatian (official in Burgenland) 1.6%, other (includes Slovene, official in Carinthia, and Hungarian, official in Burgenland) 5.3%

    Currency - EURO (EUR)

    Religion - Christianity

    Politics - The politics of Austria take place under the framework of a federal, parliamentary, representative and democratic republic, with a Federal Chancellor as the head of government, and a Federal President as head of state. Executive power is exercised by governments, both local and federal. Federal legislative power is vested in the government and the two chambers of Parliament, the National Council and the Federal Council. Since 1949 the political landscape has been largely dominated by the conservative Austrian People's Party (ÖVP) and the centre-left Social Democratic Party of Austria (SPÖ).

  • The judiciary is independent of the executive and the legislature, and exclusively federal in nature - there are no state courts.

    Major industries - construction, machinery, vehicles and components, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism.

    Banks (2010) - 843 banks; 4,176 branches; 79,661 employees; assets – EUR 978.76 billion; loans – EUR 363.97 billion; deposits – EUR 306.08 billion

    Banking regulations – The supervision of banks (credit institutions) is a multistage process which involves co-operation among various control bodies. At the top of this multilayer structure are the Financial Market Authority (FMA) and the Oesterreichische Nationalbank (OenB). In addition, large banks (with total assets over EUR 1 billion) are assigned state Commissioners who act as officers of the FMA and, inter alia, participate in these banks’ supervisory board meetings.

  • The FMA and the OenB share supervisory responsibilities as follows: the OenB is the institution responsible for fact finding, while the FMA, by contrast, is in charge of decision making, i.e., it considers the results of the OenB‘s analyses and inspections as the responsible public authority and takes supervisory steps if necessary. Banks may be founded with a minimum subscribed capital of EUR 5 million.