Legal matter AKB Privatbank (formerly Bank Austria Switzerland)
Date of entry: 26 March 2010
UniCredit Bank Austria AG ("Bank Austria") has joined as an intervening party in support of the defendant AKB Privatbank Zürich AG (formerly a subsidiary of Bank Austria and formerly Bank Austria (Schweiz) AG) in a lawsuit relating to alleged claims of Bundesanstalt für Vereinigungsbedingte Sonderaufgaben (BvS), the legal successor of Deutsche Treuhandanstalt, the German public body for the new Länder reconstruction.
Essentially it is asserted that the former subsidiary participated in the embezzlement of funds from companies in the former East Germany.
On June 25, 2008 the Zurich District Court rejected the request of BvS.
On March 25, 2010 the Zurich District Court of Appeal orally pronounced an unexpected judgement in favour of the plaintiff.
As soon as the written judgement is served, Bank Austria, as the process leading intervening party, will file an appeal to the Court of Cassation of the Canton of Zurich and to the Swiss Federal Supreme Court.
Should also the final decision be in favour of BvS the potential risk may amount to EUR 128 million, including interest in total EUR 240 million (calculated as of today).
Ad-hoc-Release download (PDF; 34 KB)
Enquiries: Bank Austria Investor Relations
phone: +43 (0) 50505 - 87230