Bank Austria comments on media speculation concerning Bank Medici:
Bank Medici solely responsible for dealing with reports of internal audit
Bank Austria wishes to correct recent inaccurate media speculation about its connection with Bank Medici. Bank Austria was only ever a minority shareholder in Bank Medici and did not exercise control over Bank Medici. All day to day activities in Bank Medici were the responsibility of the executive officers of Bank Medici.
Certain press articles have referred to Bank Medici internal audit reports suggesting, wrongly, that Bank Austria had access to those reports. Those reports were prepared by personnel of Bank Austria pursuant to an outsourcing arrangement between Bank Medici and Bank Austria. The provision of such outsourcing arrangements is a normal and typical arrangement for a big bank like Bank Austria, which offer this kind of service to smaller banks. However, those reports were provided only to the management board of Bank Medici and not to Bank Austria. It would have been a breach of relevant confidentiality laws and obligations for those reports to have been provided to Bank Austria's management or employees. Any suggestion that Bank Austria ignored such reports is therefore incorrect.
Enquiries: Bank Austria Press Office Austria
Tiemon Kiesenhofer, Tel. +43 (0) 50505 - 52819
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