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18.11.2008

Realignment of the Division Private Banking & Asset Management

  • Focusing fund business at Pioneer Investments
  • Werner Kretschmer takes on international management responsibilities at Pioneer Investments

A new organisation will be implemented in the Division Private Banking & Asset Management. In line with the organisational setup of the UniCredit Group, the field Private Banking will be separated from the fund business, which is handled by Pioneer Investments. This guarantees an optimal service of the different customer segments. As a part of this change, Pioneer Investments Austria GmbH will be transferred to Pioneer Global Asset Management, as announced back in 2006. This new organisation does not result in any changes for the customers of Bank Austria or investors in products of Pioneer Investments.

Werner Kretschmer, the Bank Austria Board Member in charge of Private Banking & Asset Management, will remain a member of the Board until year-end, and will then assume international management responsibilities at Pioneer Investments upon transfer of the fund business. As Head of Pioneer Investments Austria & CEE Werner Kretschmer will assume responsibility for these regions and additionally for the proprietary Pioneer Investments' retail channel serving Austria, CEE and Germany.

"I would like to congratulate Mr. Kretschmer on his new management job and am very pleased that another Austrian is moving into an international management position within the UniCredit Group. At the same time, we owe our gratitude to Mr. Kretschmer for the outstanding work he's done in recent years, which has made a huge contribution to the development and success of Bank Austria," said Erich Hampel, CEO of Bank Austria.

Erich Hampel will assume responsibility for the Private Banking Division within the Management Board of Bank Austria from Werner Kretschmer, in addition to his position as CEO.

Werner Kretschmer, 44, has doctorates in law and economics from the University of Vienna. He has been at the Bank Austria Group since 1991, with many years in management positions. A recognised expert in securities, he became a senior general manager for Asset Management in 2002. Two and a half years ago, he was appointed to the Management Board of Bank Austria, with the same responsibilities. Werner Kretschmer is married and has one child.

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Enquiries: Bank Austria Press Office Austria
Martin Halama, Tel. +43 (0) 50505 - 52371
E-Mail: martin.halama@unicreditgroup.at

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