New structure of Bank Austria Private Banking
- Bank Privat will be integrated in the new Private Banking Division by the end of 2009
- Schoellerbank, Austria’s largest private banking unit, remains a separate legal entity
- New structure ensures integrated approach to providing financial advice from a single source
As a result of the recent evaluation process in the Private Banking sector, UniCredit Bank Austria has decided to integrate Bank Privat in the new Private Banking Division of Bank Austria. Bank Privat, a leading private banking specialist in Austria, will be integrated in Bank Austria by the end of 2009. Asset Management Gesellschaft (AMG), Bank Austria’s subsidiary specialising in asset management, will also be integrated in the Private Banking Division by year-end 2009. “The market environment and customer needs in Private Banking have changed significantly over the past few years. With the reorientation of the Private Banking Division in UniCredit Group’s core markets we are responding strategically and structurally to the changes in market conditions as one of the big players in the European private banking market. Our holistic approach focuses on providing clients with comprehensive services from a single source,“ says Andreas Wölfer, Head of the Private Banking Division of UniCredit Group.
Competition has intensified in Austria, too, competitors are making strong efforts to attract clients. Providing advice on all financial affairs from a single source by highly qualified relationship managers is becoming increasingly important in serving this group of customers. “We will bundle our know-how by establishing the new structure. On this basis we will be even better positioned to meet the growing demands of our clients,“ says Jürgen Danzmayr, who was recently appointed to Bank Austria’s Management Board with responsibility for Private Banking. Following completion of the reorganisation, the Private Banking Division of Bank Austria will encompass the entire value chain in a single organisation – from product development and product management all the way to advisory services provided to customers on a holistic basis. Previously, Bank Privat attended to its clients’ asset management needs and Bank Austria met their financing needs. With the integration of Bank Privat and the introduction of the new client service model, clients will be served by a relationship manager who takes an integrated approach to offering advisory and other services also across generations. “With the international expertise of the entire Division we will create the best solutions for our clients,“ says Jürgen Danzmayr, “the new structure will be implemented step by step in the autumn.“
Austria’s largest private banking unit
Established in 1833, Schoellerbank is part of the Private Banking Division but will remain a separate legal entity using its own brand name, which has a long tradition. Today, Schoellerbank is the only private banking unit with an Austria-wide presence at 13 locations. Bank Austria’s new Private Banking Division serves about 35,000 clients with total financial assets of about EUR 12 billion. This makes it the largest private banking unit in Austria, according to a market study by Boston Consulting. With the organisational changes, Bank Austria is aligning the Private Banking Division with UniCredit Group’s structure. UniCredit Private Banking Division is a major player in the European private banking market in terms of total financial assets and number of clients.
Bank Privat management will make a significant contribution to shaping Bank Austria’s new Private Banking Division
Bank Privat’s management will play a major role in shaping the new Private Banking Division of Bank Austria. Ruth Iwonski-Bozó, who has been a member of Bank Privat’s management team since 2000, will be Head of Sales with responsibility for all sales activities. Nikolaus Hetfleisch, who joined the management team of Bank Privat in 2007, will be Head of Products and Marketing within the new Division. Rudolf Weininger, who has also been a member of Bank Privat’s management team since 2007, will assume other management tasks within the Division.
Enquiries: Bank Austria Communications Austria
Martin Halama, tel. +43 (0)5 05 05 52371