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20.10.2016

30th Alpbach Finance Symposium:
Bank Austria "Cross Border Account Opening" – solution awarded most innovative financial service of 2016

  • The “Cross Border Account Opening” solution makes it possible to open an account with Bank Austria in 15 countries within Central and Eastern Europe without leaving Austria.

At the 30th Alpbach Finance Symposium, Bank Austria's "Cross Border Account Opening" corporate customer solution was voted the most innovative financial solution of 2016 by forum participants. This marks the seventh year running that Bank Austria has been presented with this award.

"Receiving the award for the most innovative financial service of 2016 at the Alpbach Finance Symposium for our standard centralised account opening procedure for 15 countries in Central and Eastern Europe, as voted by decision makers in the field of economics, demonstrates that our expanded range of services is being exceptionally well received by our customers", said Dieter Hengl, Head of Corporate and Investment Banking for Bank Austria. "This award consolidates our pioneering role as the leading innovative bank for Austria."

With its "Cross Border Account Opening" financial solution, Bank Austria has now made it possible for its active international corporate customers to open cross-border bank accounts without any added hassle or bureaucracy. Thanks to UniCredit's international banking network and Bank Austria's own local knowledge, the latter was able to develop a standard procedure for its customers. Customers are now able to open an account in 15 countries throughout Central and Eastern Europe from their branch in Austria with the help of their corporate customer advisor. The procedure for opening an account has been standardised throughout all participating countries and the whole process, including the contract signing, is carried out in English. Bank Austria additionally provides a copy of the contract in the language of the respective country, although only the English version is legally binding. This reduces overheads for translation, etc.

Up until now, companies wanting to open a bank account in another country have had to travel abroad specially to open the account, provide documents in the language of the respective country and grapple with different legal systems and regulations. Thanks to the "Cross Border Account Openings" solution from Bank Austria, this has now been made significantly easier. As part of one of the most extensive bank networks in Europe, Bank Austria is now able to open UniCredit accounts for its customers in Italy, Germany, Poland, Bosnia and Herzegovina, Bulgaria, Czech Republic, Croatia, Hungary, Romania, Serbia, Russia, Slovenia, Slovakia, and the Ukraine – all from a local branch in Austria.

"The advantages of the Cross Border Account Opening solution, which is currently only available in the country and in this comprehensive form from Bank Austria, are very clear", Hengl explains. "Corporate clients significantly reduce their administrative overheads, have all the relevant documents for concluding the contract at their disposal, now only have to provide translations and notarisations in exceptional cases and save themselves the hassle of having to personally open up an account in each individual location."

Enquiries: UniCredit Bank Austria Media Relations
Volker Moser, Tel.: +43 (0) 5 05 05-52854;
Email: volker.moser@unicreditgroup.at

A printable photo of the award ceremony is available on our website www.bankaustria.at Press > Press photos for download. The photo can be printed free of charge.