Most innovative financial service of 2011:
The Bank Austria Umbrella Facility – 1 loan available in 10 countries
- Bank Austria Umbrella Facility wins award for the most innovative financial service at the Alpbach Finance Symposium 2011
- This form of financing for international corporate customers gives CEE subsidiaries of Austrian companies even faster access to short-term financing
Bank Austria's Umbrella Facility – 1 loan available in 10 countries – was selected as the most innovative financial service of 2011 by the participants of this year's Alpbach Finance Symposium. It is the second time in a row that Bank Austria has received this award.
"The audience award at the Alpbach Finance Symposium once again reinforces our efforts to offer Austrian companies innovative financing products designed to meet their needs. The key advantage of this financing solution is that we can provide flexible, rapid and centrally coordinated loans to companies that need a cross-border financing system for their subsidiaries in Eastern Europe. I am very pleased about the award, because combined with our leading position in Central and Eastern Europe, our Umbrella Facility allows us to support our customers with an optimal financing solution," said Dieter Hengl, the Management Board member responsible for Corporate & Investment Banking at Bank Austria.
"With our Umbrella Facility, we are also offering small and medium-sized companies with distribution or production facilities abroad the opportunity to secure financing for their foreign subsidiaries quickly and with little red tape. This is an ideal way to support medium-sized companies in their activities in Eastern Europe, and we view this award as a confirmation of our role as a pioneer in the field," Rainer Hauser, the Management Board member responsible for Family & SME Banking at Bank Austria, was pleased to say.
The main factor that led Bank Austria to receive this award for the most innovative financial service was the Umbrella Facility's approach of using a centrally coordinated process to facilitate the granting of loans in Central and Eastern Europe on the basis of an Austrian company's creditworthiness. This also allows Austrian entrepreneurs to avoid the bureaucratic procedures in the CEE countries, because Bank Austria centrally coordinates and manages all of the formalities.
The Umbrella Facility is a guarantee line for an Austrian parent company with at least EUR 3 million in annual turnover, which it is also liable for. The maximum term is one year, and the maximum volume is EUR 10 million or the equivalent in local currency. The costs for this type of credit facility for CEE are in line with a comparable loan in Austria. The Umbrella Facility is currently offered for subsidiaries of Austrian companies in 10 CEE countries. If there is sufficient demand, then there are plans to extend the Umbrella Line to the core markets of Italy and Germany as well as additional countries in CEE.
As a sub-holding of UniCredit, Bank Austria manages the region of Central and Eastern Europe. Its banking network comprises more than 2,700 branches and around 51,000 employees in 18 countries (not including Poland).
Enquiries: Bank Austria Press Office Austria
Julia Wegenstein, tel. +43 (0) 50505 - 52854
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