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  • 2017

    1. Disclosure of inside information pursuant to Article 17 MAR / immigon portfolioabbau ag resolves on the delisting of all bonds issued by immigon portfolioabbau ag and listed on the second regulated market (geregelter Freiverkehr) of the Vienna Stock Exchange effective as at the end of 20 June 2017. / immigon portfolioabbau ag is going to publish buyback quotes for all outstanding supplementary capital notes (Upper Tier 2) with a maturity date later than 31 December 2017 on its website. (Vienna, 05 April 2017)

      After certain buyback programs for bonds issued by immigon portfolioabbau ag, Peregringasse 2, 1090 Vienna, FN 116476p ("immigon"), and listed on the second regulated market (geregelter Freiverkehr) of the Vienna Stock Exchange the management board of immigon resolved today to withdraw all bonds issued by immigon and listed on the second regulated market (geregelter Freiverkehr) of the Vienna Stock Exchange pursuant to § 84 para 5 of the Austrian Stock Exchange Act (Börsegesetz) from the second regulated market (geregelter Freiverkehr) of the Vienna Stock Exchange effective as at the end of 20 June 2017. This delisting includes the senior unsecured bonds, subordinated bonds (Lower Tier 2) and supplementary capital notes (Upper Tier 2) of immigon. The delisting of bonds is initiated in view of the statutory obligation to wind down the portfolio of immigon, which is a wind down company (Abbaugesellschaft) within the meaning of § 162 of the Federal Act on the Recovery and Resolution of Banks (BaSAG); the statutory obligation to wind down includes the obligation to terminate legal relationships (also relationships under public law).

      The notification pursuant to § 84 Abs 5 of the Austrian Stock Exchange Act to Wiener Börse AG as responsible stock exchange is made simultaneously.

      Accordingly, the trading of the bonds as specified above on the stock exchange will be terminated effective as at the end of 20 June 2017.

      It was also decided to publish buyback quotes (the "Buyback Quotes") for all outstanding supplementary capital notes (Upper Tier 2) issued by immigon with a maturity date later than 31 December 2017 on the website of immigon http://www.immigon.com. The Buyback Quotes are intended to be published from 02 May 2017 onwards. immigon may suspend, terminate and/or recommence the publication of the Buyback Quotes at any time in its sole discretion. As long as the Buyback Quotes are published, retail and institutional investors are invited to offer the instruments for sale to immigon at the Buyback Quotes, and immigon shall be entitled (but not obliged) to accept such offers at its sole discretion.

      Mandatory information pursuant to the Disclosure and Notification Regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN: XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five exchange-listed bonds issued by immigon with the highest nominal volume outstanding are:

      ISIN: AT000B056544, AT000B053442, AT000B115902, AT000B060462, AT000B059456

      Securities issued by immigon are admitted to trading on the following stock exchanges:

      Second regulated market (geregelter Freiverkehr) of the Vienna Stock Exchange (Wiener Börse AG);

      Regulated Market of Luxembourg Stock Exchange;

      Open market (Freiverkehr) of Berlin Stock Exchange;

      Open market (Freiverkehr) of Stuttgart Stock Exchange;

      Open Market (Freiverkehr) of Frankfurt Stock Exchange.

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@immigon.com

    2. Disclosure of inside information pursuant to Art 17 MAR / immigon portfolioabbau ag announces successful completion of the disposal of 9.92 million shares in Raiffeisen Bank International AG through an accelerated bookbuilding; sales price set at EUR 21.00 per share / Modification of an already disclosed inside information pursuant to the Austrian Stock Exchange Act: Hybrid capital of ÖVAG Finance (Jersey) Limited (ISIN XS0201306288): anticipated redemption amount at liquidation: 100 % (21.3.2017)

      The management board of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, FN 116476p ("immigon"), herewith announces the successful placement of 9,921,965 shares (the "Sale Shares") in Raiffeisen Bank International AG ("RBI"), ISIN AT0000606306, which immigon held indirectly via its 100% subsidiary Unternehmensbeteiligungs Gesellschaft mit beschränkter Haftung. The Sale Shares were placed today with institutional investors by way of an accelerated bookbuilding at a sales price of EUR 21.00 per Sale Share. The Sale Shares represent approximately 3.02% of RBI's stated share capital.

      The transaction generated total gross proceeds for immigon as a group of approximately EUR 208 million. Settlement of the transaction and delivery of the Sale Shares (closing) is expected to take place on 24 March 2017.

      Following closing of the transaction, immigon will no longer hold any shares (directly or indirectly) in RBI.

      As a result of the sale of the Sale Shares, in the financial year 2017 immigon will be generating a profit which, compared to previous planning, is expected to result in more favorable wind down and liquidation results of immigon. With regard to the preferred securities (ISIN XS0201306288) issued by ÖVAG Finance (Jersey) Limited ("ÖVAG Finance Jersey"), this has the following implications:

      The redemption value of the Preferred Securities issued by ÖVAG Finance (Jersey) Limited depends, inter alia, on the amount of the repayment under the supplementary capital (Ergänzungskapital) issued by immigon and held by ÖVAG Finance (Jersey) Limited, i.e. whether the total of the losses attributed to such supplementary capital exceeds the total of the profits allocated to the supplementary capital over the term of the supplementary capital; such net loss needs to be deducted from the redemption amount (nominal value).

      Following placement of the Sale Shares, immigon's updated planning shows that upon completion of the liquidation of immigon, a redemption amount of the preferred securities of 100% of the nominal amount can be expected (instead of, as previously assumed, more than 50% but significantly less than 100% of the nominal amount). The inside information published on 20 January 2017 is thus amended accordingly.

      immigon is a wind-down company in accordance with the Austrian Federal Act on the Recovery and Resolution of Banks (BaSAG) and is thus exposed to uncertainties and risks in its wind-down process, including risks related to the proceeds achievable in the course of the sale of its assets, outstanding loans, higher expenses and warranty claims.

      Mandatory information pursuant to the Disclosure and Notification Regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN: XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five exchange-listed bonds issued by immigon with the highest nominal volume outstanding are:

      ISIN: AT000B056544, AT000B053442, AT000B115902, AT000B060462, AT000B059456

      Securities issued by immigon are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG); Regulated Market of Luxembourg Stock Exchange; Open market (Freiverkehr) of Berlin Stock Exchange; Open market (Freiverkehr) of Stuttgart Stock Exchange; Open Market (Freiverkehr) of Frankfurt Stock Exchange.

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@immigon.com

    3. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN Disclosure of inside information pursuant to Art 17 MAR / immigon portfolioabbau ag commences sale of up to approximately 9.92 million shares in Raiffeisen Bank International AG by way of an accelerated bookbuilding (21 March 2017)

      On 21 March 2017, the management board of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, FN 116476p ("immigon"), has decided as part of its statutory obligation to wind down its assets to sell up to approximately 9,92 million shares (the "Offer Shares") in Raiffeisen Bank International AG ("RBI"), ISIN AT0000606306, subject to investor demand. The Offer Shares represent approximately 3.02% of RBI's stated share capital and represent the entire indirect shareholding of immigon (held via its 100% subsidiary Unternehmensbeteiligungs Gesellschaft mit beschränkter Haftung) in RBI.

      The Offer Shares are being offered exclusively to institutional investors through a private placement by way of an accelerated bookbuilding (the "Placement"), which will be launched immediately following this announcement. The final number of Offer Shares to be placed will be determined after closing of the bookbuilding process, and the results of the Placement will be announced as soon as practicable thereafter.

      Legal Notice/Disclaimer

      This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in the United States, Australia, Canada, Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful. This announcement does not contain an offer of securities for sale in the United States of America. Any securities referred to herein will not be and have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States of America absent registration or an applicable exemption from registration under the Securities Act. There will be no public offer of the securities in the United States of America. The securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan.

      In Member States of the European Economic Area, this announcement is only addressed to and directed at persons who are "qualified investors" within the meaning of Article 2(1)(e) of directive 2003/71/EC as amended. Any securities referred to herein will exclusively be offered or sold in reliance on applicable exemptions from prospectus or registration requirements.

      Mandatory information pursuant to the Disclosure and Notification Regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN: XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five exchange-listed bonds issued by immigon with the highest nominal volume outstanding are:

      ISIN: AT000B056544, AT000B053442, AT000B115902, AT000B060462, AT000B059456

      Securities issued by immigon are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG); Regulated Market of Luxembourg Stock Exchange; Open market (Freiverkehr) of Berlin Stock Exchange; Open market (Freiverkehr) of Stuttgart Stock Exchange; Open Market (Freiverkehr) of Frankfurt Stock Exchange.

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@immigon.com

    4. Disclosure of inside information pursuant to Article 17 MAR / immigon portfolioabbau ag decides to publish buyback quotes for any and all outstanding non-subordinated and senior subordinated liabilities with a maturity date later than 31 December 2017 (31 January 2017)

      immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, Republic of Austria, FN 116476p ("immigon"), has decided today to publish on its website http://www.immigon.com quotes (the “Buyback Quotes”) for any and all of its outstanding non-subordinated and senior subordinated liabilities with a maturity date later than 31 December 2017 (the “instruments”). The Buyback Quotes are intended to be published from 1 February 2017 onwards. immigon may suspend, terminate and/or recommence the publication of the Buyback Quotes at any time in its sole discretion. As long as the Buyback Quotes are published, retail and institutional investors are invited to offer the instruments for sale to immigon at the Buyback Quotes, and immigon shall be entitled (but not obliged) to accept such offers at its sole discretion.


      Mandatory information pursuant to the Disclosure and Notification Regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five exchange-listed bonds issued by immigon with the highest nominal volume outstanding are:

      ISIN: AT000B056544, AT000B053442, AT000B115902, AT000B060462, AT000B059456


      Securities issued by immigon are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@immigon.com

    5. Disclosure of inside information pursuant to Article 17 MAR / Modification of an already disclosed inside information pursuant to the Austrian Stock Exchange Act / Hybrid capital of ÖVAG Finance (Jersey) Limited (ISIN XS0201306288): possible higher redemption value at the time of completion of the liquidation (20 January 2017)

      On 5 July 2016 immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft; "immigon") disclosed as inside information that a redemption value of less than 30 % of the nominal value (instead of zero as expected at the beginning of 2015) in respect of the Preferred Securities (ISIN XS0201306288) issued by ÖVAG Finance (Jersey) Limited may be expected. The redemption value of the Preferred Securities issued by ÖVAG Finance (Jersey) Limited depends, inter alia, on the amount of the repayment under the supplementary capital (Ergänzungskapital) issued by immigon and held by ÖVAG Finance (Jersey) Limited, i.e. whether the total of the losses attributed to such supplementary capital exceeds the total of the profits allocated to the supplementary capital over the term of the supplementary capital; such net loss needs to be deducted from the redemption amount (nominal value).

      In the course of the preparation of the drawing up of the annual financial statements of immigon as at 31 December 2016 immigon has reached the conclusion that the outlook published ad hoc on 5 July 2016 needs to be revised due to better results than expected in the wind down of immigon. At present, immigon's wind-down plan shows that upon completion of the liquidation of immigon a redemption value of the Preferred Securities of more than 30 % of the nominal value can be expected. From today's perspective it is more likely than not that the redemption value will be more than 50 % but significantly less than 100 % of the nominal value. It is noted that the amount and the point in time of the payment cannot be predicted more precisely at present, because the results of the wind-down and of the formal liquidation of immigon will have to be available. Having said this, in the specific situation of immigon as wind-down company there are also scenarios conceivable resulting in a redemption value of up to 100 %, but also of less than 50 %.
      immigon is a wind-down company in accordance with the Federal Act on the Recovery and Resolution of Banks (BaSAG) and is thus exposed to uncertainties and risks in its wind-down process, including risks related to the proceeds achievable in the course of the sale of its assets, outstanding loans, higher expenses and warranty claims.

      Mandatory information pursuant to the Disclosure and Notification Regulation (Veröffentlichungs- und Meldeverordnung – VMV):


      The following issues of participation capital (Partizipationskapital) of immigon are admitted to trading on a regulated market in a Member State of the European Economic Area:
      ISIN: XS0359924643 EUR 500.000.000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five exchange-listed bonds issued by immigon with the highest nominal volume out-standing are:

      ISIN: AT000B056544, AT000B053442, AT000B115902, AT000B060462, AT000B059456

      Securities issued by immigon are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@immigon.com

    6. Disclosure of inside information pursuant to Article 17 MAR / immigon portfolioabbau ag decided the early redemption of the fixed callable subordinated bond with ISIN AT000B053558 (17 January 2017)

      immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, Republic of Austria, FN 116476p ("immigon"), has decided to early redeem the fixed callable subordinated bond with ISIN: AT000B053558 according to conditions at par value.

       

      Mandatory information pursuant to the Disclosure and Notification Regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five exchange-listed bonds issued by immigon with the highest nominal volume outstanding are:

      ISIN: AT000B056544, AT000B053442, AT000B115902, AT000B060462, AT000B059456


      Securities issued by immigon are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@immigon.com

  • 2016

    1. Disclosure of inside information pursuant to Article 17 MAR / Result of the acceptance of the purchase offer for the hybrid capital notes issued by Investkredit Funding Ltd. (ISIN DE 009576108) (23 December 2016)

      immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, Republic of Austria, FN 116476p ("immigon") announced on 1 December 2016 the start of a purchase tender for the outstanding pieces of the hybrid capital notes issued by Investkredit Funding Ltd. (ISIN DE 0009576108) (the "Hybrid Capital Notes") which was published on 1 December 2016. The holders of the Hybrid Capital Notes were invited to offer Hybrid Capital Notes to immigon for purchase for cash at a price of 75 per cent. of the nominal value of the Hybrid Capital Notes. On 22 December 2016, 17:00 CET, the offer period expired.

      Following an evaluation of the offers received, the management board (Vorstand) of immigon resolved on 23 December 2016 to accept the received offers for a total nominal value of EUR 1.955.000. The Settlement Date in respect of the Hybrid Capital Notes accepted for purchase was set to be on 29 December 2016.

      Furthermore, the already existing purchase offer of two investors (affiliated with each other), as disclosed in the ad-hoc release dated 1 December 2016, was accepted and a nominal value of a total of EUR 12.618 million was purchased.

      As a result of the above, the outstanding nominal value of the present Hybrid Capital Notes is reduced to EUR 10.496.000.


      Mandatory information pursuant to the Disclosure and Notification Regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five exchange-listed bonds issued by immigon with the highest nominal volume outstanding are:

      ISIN: AT000B056544, AT000B053442, AT000B115902, AT000B060462, AT000B059456


      Securities issued by immigon are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@immigon.com

    2. Ad-hoc-release pursuant to the Austrian Stock Exchange Act (Börsegesetz - BörseG) / immigon portfolioabbau ag updates the plan and outlook for 2017 (6 December 2016)

      immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, FN116476p ("immigon"), is a wind-down company in ac-cordance with § 162 of the Federal Act on the Recovery and Resolution of Banks ("BaSAG"). immigon reviews the legally required wind-down plan on a regular basis. On 6 December 2016, the management board (Vorstand) of immigon has resolved to adopt an updated plan based, inter alia,  on the results successfully achieved so far in the wind-down. According to this updated plan immigon expects that it will have a positive annual net profit (Jahresüberschuss) despite negative interest income in the solo financial statements in accordance with the Austrian Commercial Code (UGB) (i.e. results before changes in reserves). Such profit is expected to be sufficient  to pay interest on the out-standing supplementary capital (Ergänzungskapital), subject to the respective terms and conditions, but not on other profit  dependent own funds instruments, as for example the issues of ÖVAG Finance (Jersey) Limited and Investkredit Funding Limited.

      immigon as wind-down company continues to be exposed to uncertainties and risks in its wind-down process, including, inter alia, risks related to the proceeds achievable in the course of the sale of its assets, outstanding loans, higher expenses and warranty claims.

      Mandatory information pursuant to the Disclosure and Notification Regulation (Veröffentlichungs- und Meldeverordnung - VMV):

      The following issues of participation capital (Partizipationskapital) of immigon are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN: XS0359924643
      EUR 500.000.000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five exchange-listed bonds issued by immigon with the highest nominal volume out-standing are:
      ISIN: AT000B056544; AT000B053442; AT000B115902; AT000B060462; AT000B059456

      Securities issued by immigon are admitted to trading on the following stock exchanges:
      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@immigon.com

    3. Ad-hoc release pursuant to the Austrian Stock Exchange Act (Börsegesetz - BörseG) / immigon portfolioabbau ag purchases a part of the hybrid capital notes issued by Investkredit Funding Ltd. (ISIN DE 0009576108) and starts a purchase offer for the outstanding hybrid capital notes (1 December 2016)

      The management board (Vorstand) of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, FN116476p ("immigon") has, in compliance with the statutory wind-down obligation, resolved to accept a purchase offer from two holders (affiliated with each other) of a total nominal value of at least EUR 12,538,000.00 and a maximum of EUR 12,618,000.00 of the hybrid capital notes (ISIN DE 0009576108) (the "Hybrid Capital Notes") issued by Investkredit Funding Ltd. for cash at a price of 75 per cent. of the nominal value of the Hybrid Capital Notes, which totals more than 50 per cent. of the total outstanding issue of Hybrid Capital Notes. The principal held by the other investors in respect of the totally issued amount of the Hybrid Capital Notes amounts to at least EUR 12,451,000.00 and a maximum of EUR 12,531,000.00 after immigon's purchase.

      Furthermore, on 1 December 2016, the managing board of immigon has resolved to invite the holders of the Hybrid Capital Notes to offer Hybrid Capital Notes to immigon for purchase for cash at a price of 75 per cent. of the nominal value of the Hybrid Capital Notes on the terms and subject to the conditions set out in an Invitation Memorandum.

      The offer period starts on 2 December 2016 and is due to expire on 22 December 2016 by 5.00 pm CET on such date.

      The invitation to offer the Hybrid Capital Notes for purchase by immigon is solely based on the Invitation Memorandum dated 1 December 2016 which is – subject to the invitation and distribution restrictions – available on immigon's homepage (http://www.immigon.com) under the headings "Emissions" and "Buyback offers" and may be obtained from Citibank, N.A., London Branch as Tender Agent or under treasury@immigon.com.

      Mandatory information pursuant to the Disclosure and Notification Regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five exchange-listed bonds issued by immigon with the highest nominal volume outstanding are:

      ISIN: AT000B056544, AT000B053442, AT000B115902, AT000B060462, AT000B059456


      Securities issued by immigon are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@immigon.com

    4. Ad-hoc release pursuant to the Austrian Stock Exchange Act (Börsegesetz - BörseG) / Results of the buyback programme for supplementary capital notes (2 November 2016)

      On 6 October 2016, immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, Republic of Austria, FN 116476p ("immigon") announced the launch of a buyback programme for supplementary capital notes and published the same on 6 October 2016. Creditors of 9 series of supplementary capital notes (the "Notes") were addressed and invited to offer immigon their outstanding Notes for repurchase. On 28 October 2016, 17:00 CET the offer period expired. The intended total consideration amount was EUR 55 million.

      Offers received from investors comprised Notes with a total nominal volume of around EUR 67.5 million. Following an evaluation of the offers received and prices offered, the management board (Vorstand) of immigon resolved on 2 November 2016 to accept offers for a total consideration amount including accrued interest of EUR 55.1 million.

      The Settlement Date in respect of those Notes accepted for repurchase was set to be on 4 November 2016.

      Subject to access and offer and distribution restrictions, the details of the results of the tender offers are:

        Description of Notes ISIN Tender Price[1] Series Acceptance Amount[2] Accrued Interest
       1. 7% Investkredit Ergänzungskapital-Anleihe 2001-2021/PP AT0000322458 90.00 % EUR 25,500,000 EUR 1,188,369.86
                 
       2. 7% Investkredit-Ergänzungskapital–Obligation 2001-2021/P AT0000322466 95.00 % EUR 15,000,000 EUR 688,333.33
                 
       3. 6,70% / 7% Ergänzungskapital-Schuldverschreibung 2002-2012/2022 der Investkredit bank AG AT0000322557 87.95% EUR 8,000,000 EUR 208,444.44
                 
       4. Euro CMS linked / 7% nachrangige Ergänzungskapital-Schuldverschreibungen 2002-2022/4 der Investkredit Bank AG AT0000322581 93.00 % EUR 4,000,000 EUR 77,777.78
                 
       5. 5,45% - ÖVAG –Kündbare Ergänzungskapital-Anleihe 2004-2019 AT0000438767 65.10 % EUR 20,000 EUR 280.71
                 
       6. Kündbare 4,81% Ergänzungskapitalanleihe 2005-2025 der Österreichische Volksbanken-Aktiengesellschaft AT0000439724 - - -
                 
       7. Callable 13 Jahre FRN Ergänzungskapitalanleihe 2005-2018 AT0000439732 72.50 % EUR 2,400,000 EUR 8,578.27  
                 
       8. STEP UP TO 8% Ergänzungskapital - Anleihe 2005-2020 der Österreichische Volksbanken-Aktiengesellschaft AT0000439765 85.00 % EUR 3,514,000 EUR 27,919.45  
                 
       9. Kündbare 4,90% Ergänzungskapitalanleihe 2005-2025 der Österreichische Volksbanken-Aktiengesellschaft AT0000439807 36.90 % EUR 500,000 EUR 5,235.62
        [1] Expressed as a percentage of the principal amount of the relevant Notes. [2] The amount of Notes of the relevant Series in the relevant currency elected for repurchase.    


      Mandatory information pursuant to the Disclosure and Notification Regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five exchange-listed bonds issued by immigon with the highest nominal volume outstanding are:

      ISIN: AT000B056544, AT000B053442, AT000B115902, AT000B060462, AT0000322458


      Securities issued by immigon are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@immigon.com

    5. Ad-hoc release pursuant to the Austrian Stock Exchange Act (Börsegesetz - BörseG) / immigon portfolioabbau ag starts a buyback programme for supplementary capital notes and publishes Minimum Tender Prices (6 October 2016)

      On 6 October 2016 the managing board of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, FN116476p ("immigon"), has resolved to invite the holders of certain outstanding supplementary capital notes, as indicated in Annex A (Anlage A) of the Tender Offer Memorandum (the "Notes"), to offer the Notes to immigon for repurchase for cash on the terms and subject to the conditions set out in a Tender Offer Memorandum. Further, the managing board of immigon has resolved on the Minimum Tender Prices for each Series of Notes which are contained in Annex A to the Tender Offer Memorandum.

      The Notes comprise in total 9 issuances of supplementary capital in the form of bonds. The intended total consideration amount including accrued interest according to the current market and trade convention is EUR 55,000,000. The offer period starts on 7 October 2016 and is due to expire on 28 October 2016 by 5.00 pm CET on such date.

      The invitation to offer the Notes for repurchase by immigon for cash is solely based on the terms and subject to the conditions contained in the Tender Offer Memorandum dated 6 October 2016 which may – subject to the invitation- and distribution restrictions – be obtained from Ithuba Capital AG, Vienna (the "Dealer Manager").

      Details on the repurchase programme, including details on the Notes and their ISINs and ID numbers are, subject to the invitation- and distribution restrictions, available on immigon's homepage under (http://www.immigon.com) under the heading "Emissions" and "Buyback offers" or from the Dealer Manager.

      Mandatory information pursuant to the Disclosure and Notification Regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five exchange-listed bonds issued by immigon with the highest nominal volume outstanding are:

      ISIN: AT000B056544, AT000B053442, AT000B115902, AT000B060462, AT0000322458


      Securities issued by immigon are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@immigon.com

    6. Ad-hoc release pursuant to the Austrian Stock Exchange Act (Börsegesetz - BörseG) / immigon portfolioabbau ag decides to publish buyback quotes for any and all outstanding subordinated liabilities with a maturity date later than 31 December 2016 on its website (6 July 2016) – Supplement
      Supplemental to the ad-hoc release of today, Buyback Quotes are intended to be published exclusively for the following Instruments:
      ISIN Name Currency Maturity
      SSD F80 Schuldscheindarlehen F80 EUR 18 January 2017
      AT000B053715 Nachrang CMS Floater to Fix 2007-2017 / Serie 136 EUR 30 March 2017
      AT000B053855 ÖVAG Nachrangige Nullkuponanleihe 2007 - 2017 / Serie 150 EUR 3 April 2017
      SSD F99 Schuldscheindarlehen F99 EUR 15 May 2017
      SSD F102 Schuldscheindarlehen F102 EUR 30 May 2017
      SSD F103 Schuldscheindarlehen F103 EUR 30 May 2017
      AT000B115902 Nachrangige FRN Schuldverschreibungen Volksbank AG 2013-2018 / Serie 2 EUR 26 July 2018
      AT000B115910 Nachrangige FRN Schuldverschreibungen Volksbank AG 2013-2019 / Serie 3 EUR 26 July 2019
      AT000B115928 Nachrangige FRN Schuldverschreibungen Volksbank AG 2013-2020 / Serie 4 EUR 26 July 2020
      AT000B056759 Nachrangiger Merkur Best of Life II Garant 2008 – 2020 / Serie 20 EUR 1 December 2020
      AT0000432976 6,35 % / 7 % Volksbanken-Nachrangkapital-Schuldverschreibung 2002-2022 / P2 EUR 18 January 2022
      AT0000322532 Nachrangige Euro CMS linked Floating Rate Notes 2002-2022 / 2 der Investkredit Bank AG EUR 12 April 2022
      AT000B115936 Nachrangige FRN Schuldverschreibungen Volksbank AG 2013-2024 / Serie 5 EUR 26 July 2024
      AT000B115944 Nachrangige FRN Schuldverschreibungen Volksbank AG 2013-2025 / Serie 6 EUR 26 July 2025
      AT000B052055 4,05% / 5,00% kündbare nachrangige Anleihe 2006-2026 EUR 19 January 2026
      AT000B053558 5,27 % mehrfach kündbare Nachrang Anleihe 2007-2027 / Serie 119 EUR 8 February.2027

      Mandatory information pursuant to the disclosure and notification regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five exchange-listed bonds issued by immigon with the highest nominal volume outstanding are:

      ISIN:
      AT000B056544
      AT000B053442
      AT000B115902
      AT000B060462
      AT0000322458

      Securities issued by immigon are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@immigon.com

    7. Ad-hoc release pursuant to the Austrian Stock Exchange Act (Börsegesetz - BörseG) / immigon portfolioabbau ag decides to publish buyback quotes for any and all outstanding senior subordinated liabilities with a maturity date later than 31 December 2016 on its website (6 July 2016)

      immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, FN116476p ("immigon") has decided to publish on its website http://en.immigon.com/emissions quotes (the "Buyback Quotes") for any and all of its outstanding senior subordinated liabilities with a maturity date later than 31 December 2016 (the "Instruments"). The Buyback Quotes are intended to be published from 11 July 2016 (expected) until 11 August 2016 (expected). immigon may omit, suspend, terminate and/or recommence the publication of the Buyback Quotes at any time in its sole discretion. As long as the Buyback Quotes are published, retail and institutional investors are invited to offer immigon purchasing the Instruments at the Buyback Quotes, and immigon shall be entitled to accept such offers at its sole discretion.

      Due to market reasons, immigon currently does not publish any buyback quotes for senior liabilities. immigon has decided not to recommence for the time being the publication of buyback quotes for senior liabilities even if the mentioned market reasons should fall away.

      Mandatory information pursuant to the disclosure and notification regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five exchange-listed bonds issued by immigon with the highest nominal volume outstanding are:

      ISIN:
      AT000B056544
      AT000B053442
      AT000B115902
      AT000B060462
      AT0000322458

      Securities issued by immigon are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@immigon.com

    8. Ad-hoc-release pursuant to the Austrian Stock Exchange Act (Börsegesetz – BörseG) / Modification of an already disclosed ad-hoc release pursuant to the Austrian Stock Exchange Act (Börsegesetz – BörseG) / Hybrid capital of ÖVAG Finance (Jersey) Limited (ISIN XS0201306288): possible positive redemption value at the final redemption date (5 July 2016)

      On 14 January 2015 and on basis of the then prevailing situation of assets and liabilities and earnings of Österreichische Volksbanken-Aktiengesellschaft (now: immigon portfolioabbau ag; "immigon") ÖVAG Finance (Jersey) Limited published an ad hoc release (this ad hoc release was also published by immigon) that ÖVAG Finance (Jersey) Limited expects a redemption value of zero in respect of the Preferred Securities issued by ÖVAG Finance (Jersey) Limited (ISIN XS0201306288). The basis for this expectation was that the losses attributed to the supplementary capital (Ergänzungskapital) issued by (now:) immigon and subscribed for by ÖVAG Finance (Jersey) Limited would be that high that the total of nominal value plus profits attributed to the instrument and less losses attributed to the instrument would result in a (maximum) amount of zero. The amount of the losses to be attributed to the instrument was that high for the foreseeable future that those losses could not be covered any more even by considering the perpetual nature of the instrument.


      In the course of the drawing up of the interim accounts of immigon as at 30 June 2016 (and the preparation of the interim report of immigon for the 2nd quarter of 2016) immigon has reached the conclusion that the above forecast needs to be revised due to changed circumstances (i.e. better results of immigon in its wind-down than expected). At present, immigon's wind-down plan shows that it is more likely than not that immigon will generate a liquidation surplus and that immigon will be able to make a repayment on the supplementary capital (Ergänzungskapital) issued by it and subscribed for by ÖVAG Finance (Jersey) Limited out of immigon's liquidation proceeds. In such case ÖVAG Finance (Jersey) will be able to generate a positive redemption value in respect of the Preferred Securities issued by it. The amount and the point in time of the payment cannot be predicted at present because the results of the wind-down and of the formal liquidation of immigon will have to be available; according to immigon's present business plan a positive amount can be expected, however of less than 30 percent of the nominal value of the supplementary capital (Ergänzungskapital) and also of the Preferred Securities.


      immigon is a wind-down company in accordance with the Federal Act on the Recovery and Resolution of Banks (BaSAG) and is thus exposed to uncertainties and risks in its wind-down process, including risks related to the proceeds achievable in the course of the sale of its assets, outstanding loans, higher expenses and warranty claims.


      Mandatory information pursuant to the Disclosure and Notification Regulation (Veröffentlichungs- und Meldeverordnung – VMV)


      The following issues of participation capital (Partizipationskapital) of immigon are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      XS0359924643 EUR 500.000.000 Perpetual Non Cumulative Participation Capital Certifi-cates (issued by Banque de Luxembourg as trustee)

      The five exchange-listed bonds issued by immigon with the highest nominal volume out-standing are:

      ISIN:
      AT000B056544
      AT000B053442
      AT000B115902
      AT000B060462
      AT0000322458

      Securities issued by immigon are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@immigon.com

    9. Ad-hoc release pursuant to the Austrian Stock Exchange Act (Börsegesetz - BörseG) / Results of the buyback programme for subordinated notes (20 May 2016)

      On 12 April 2016 immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, FN116476p ("immigon") announced the launch of a buyback programme for subordinated notes and published the same on 13 April 2016. Creditors of a total of 14 subordinated notes (the "Notes") were addressed and invited to offer immigon their outstanding Notes for repurchase. On 18 May 2016, 17:00 CET the offer period expired. The anticipated total consideration amount was EUR 150 million.

      Offers received from investors comprised Notes with a total nominal volume of around EUR 195 million. Following evaluation of offers received and prices offered, the management board (Vorstand) of immigon resolved on 20 May 2016 to accept offers for a total consideration amount including accrued interest of EUR 162 million.

      Details of the results of the tender offer, of offers accepted as well as of the Notes and their ISINs are, subject to access and offer and distribution restrictions, available on immigon's homepage under http://www.immigon.com/investorrelations under the heading "Ad-hoc releases" or from the Tender Agent VB Services für Banken Ges.m.b.H.

      Mandatory information pursuant to the Disclosure and Notification Regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five exchange-listed bonds issued by immigon with the highest nominal volume outstanding are:

      ISIN:
      AT000B056544
      AT000B053442
      AT000B115902
      AT000B060462
      AT0000322458


      Securities issued by immigon are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@immigon.com

    10. immigon portfolioabbau ag starts a buyback programme for subordinated notes and publishes Minimum Tender Prices (12 April 2016)

      On 30 March 2016 the managing board of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, FN116476p ("immigon"), has resolved to invite the holders of certain outstanding subordinated notes, as described below (the "Notes"), to offer the Notes to immigon for repurchase for cash on the terms and subject to the conditions set out in a Tender Offer Memorandum. Today, the managing board of immigon has resolved on the Minimum Tender Prices for each Series of Notes which are contained in Annex A to the Tender Offer Memorandum.

      The Notes comprise in total 14 issuances of subordinated liabilities in the form of bonds. The intended total consideration amount is EUR 150,000,000. The offer period starts on 13 April 2016 and is due to expire on 18 May 2016 by 5.00 pm CET on such date.

      The invitation to offer the Notes for repurchase by immigon for cash is solely based on the terms and subject to the conditions contained in the Tender Offer Memorandum dated 12 April 2016 which may – subject to the invitation- and distribution restrictions – be obtained from Ithuba Capital AG, Vienna (the "Dealer Manager").

      Details on the repurchase programme, including details on the Notes and their ISINs and ID numbers are, subject to the invitation- and distribution restrictions, available on immigon's homepage under http://www.immigon.com under the heading "Emissions” and “Buyback offers" or from the Dealer Manager.

      Mandatory information pursuant to the Disclosure and Notification Regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five exchange-listed bonds issued by immigon with the highest nominal volume outstanding are:

      ISIN:
      AT000B056544
      AT000B053442
      AT000B115902
      AT000B060462
      AT0000322458


      Securities issued by immigon are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@immigon.com

    11. Ad-hoc release pursuant to the Austrian Stock Exchange Act (Börsegesetz - BörseG) / immigon portfolioabbau ag resolves a buyback programme for subordinated liabilities (30 March 2016)

      immigon portfolioabbau ag, Peregringasse 2, 1090 Wien, FN116476p ("immigon") has resolved a buyback programme of subordinated liabilities that have a maturity date past 31.12.2017 (the “instruments”). In the coming days a buyback programme in the form of a Reverse Modified Dutch Auction will begin that includes instruments with nominal value of roughly EUR 229 Mio. Private as well as institutional investors will separately be invited to offer the instruments to immigon who in turn is entitled to accept such offers at its sole discretion.

      Mandatory information pursuant to the Disclosure and Notification Regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five bonds issuances by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) with the highest nominal volume:

      ISIN:
      AT000B056544
      AT000B053442
      AT000B115902
      AT000B060462
      AT0000322458


      Securities issuances by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@immigon.com

    12. Ad-hoc release pursuant to the Austrian Stock Exchange Act (Börsegesetz - BörseG) / First financial year of immigon portfolioabbau ag: Significant profit due to extraordinary effects (29 March 2016)

      Since 4 July 2015 immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft (ÖVAG)) is no longer a credit institution and no longer part of the permanent affiliation of credit institutions in the Volksbanken-Verbund. Immigon is a wind-down company (Abbaugesellschaft) pursuant to section 162 of the Austrian Federal Act on the Restructuring and Resolution of Banks (Bundesgesetz über die Sanierung und Abwicklung von Banken - BaSAG) with the purpose of actively realizing its assets in an orderly manner and at the best conditions achievable and to meet its obligations when due and payable.


      immigon's first financial year as wind-down company pursuant to section 162 BaSAG was successful in light of immigon's mandate and purpose. In 2015, immigon group completed more than 80 wind-down transactions which led to a significant reduction of assets. At the same time, outstanding liabilities were reduced by way of buyback programmes. The IFRS consolidated accounts of immigon group report total assets of EUR 3.8 billion. On single entity basis immigon portfolioabbau ag's total assets were reduced by fifty percent compared to 1 January 2015 (status after the de-merger) and amount only to EUR 3.4 billion at year end 2015.


      Almost all of the proceeds from the wind-down transactions is held in accounts with Oesterreichische Nationalbank (Austrian National Bank) as short-term liquidity; the account balance was EUR 1.3 billion as at 31 December2015 (pursuant to the IFRS consolidated accounts of immigon group as at 31 December 2015).


      immigon group's liabilities towards clients and credit institutions as well as securitized debt of immigon group (pursuant to the IFRS financial statements as at 31 December 2015) have been reduced by way of buyback programmes to slightly less than EUR 2 billion.

      As a result of the de-merger of the central body function to Volksbank Wien AG, major parts of operational income as well as operating expenses of immigon have ceased to exist in the financial year 2015. immigon was able to earn extraordinary income from buyback programmes and from the termination of connected interest rate swaps which have been executed in the second half of 2015, which led to an annual profit after tax of EUR 196 million pursuant to the IFRS financial statements and of EUR 305 million pursuant to the single entity financial statements pursuant to the Austrian Commercial Code (Unternehmensgesetzbuch – UGB), in each case as at 31 December 2015.


      As wind-down company, immigon continues to be exposed to uncertainties and risks related to the proceeds achievable in the course of the sale of its assets, outstanding loans, higher expenses and warranty claims. Therefore, in accordance with immigon's mandate of wind down and against the background that the annual profit substantially results from one-time effects, the annual profit on single entity basis has been entirely allocated to immigon's reserves. Consequently, no balance sheet profit (Bilanzgewinn) is shown. Own funds of immigon group increased to EUR 726 million pursuant to the IFRS financial statements (without minority interests) and own funds of immigon portfolioabbau ag increased to EUR 330 million pursuant to the annual financial statements pursuant to UGB (without participation capital 2008 (Partizipationskapital 2008)).
      From a current perspective, immigon does not expect comparable results for the financial year 2016, because the profits of the financial year 2015 are significantly due to extraordinary income; a two-digit million amount should be expected on single entity basis at best. immigon could incur losses from the financial year 2017 onwards, because of expected negative interest income and because expenses can be reduced only partly.


      Based on the annual profit, immigon will pay interest on supplementary capital instruments in accordance with their respective terms and conditions (therefore, pursuant to its terms and conditions, not in respect of the supplementary capital held by ÖVAG Finance (Jersey) Limited), but not on other instruments which are dependent on a balance sheet profit.

       


      Key figures of immigon group for the financial year 2015 (IFRS): 
      Item 31 December 2015
      (in million Euros) 
      31 December 2014
      (in million Euros) 
      Balance sheet total 3.840 15.125 
      Liquidity/account balance with the central bank  1.270  1.351 
      Liabilities towards clients, credit institutions and securitized debt  1.968  11.303 
      Own funds (without minority interests)  726  519 
      Annual profit after tax   196  -479 
        Figures of immigon portfolioabbau ag pursuant to the single entity financial statements pursuant to UGB:
      Position  31 December 2015
      (in million Euros)  
      31 December 2014
      (after de-merger in million Euros) 
      Balance sheet total  3.405  7.084 
      Liquidity/account balance with the central bank  1.081 
      Liabilities towards clients, credit institutions and securitized debt  1.809  5.011 
      Own funds (without minority interests)  330  24,5 
      Annual profit after tax  305 
      Active employees (full time equivalent)  82  267 

      Mandatory information pursuant to the Disclosure and Notification Regulation (Veröffentlichungs- und Meldeverordnung – VMV)


      The following issues of participation capital (Partizipationskapital) of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on a regulated market in a Member State of the European Economic Area:
      ISIN:
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)
      The five bonds issuances by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) with the highest nominal volume:
      ISIN:
      AT000B056544
      AT000B053442
      AT000B115902
      AT000B060462
      AT000322458
      Securities issuances by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on the following stock exchanges:
      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange


      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (0) 676 790 7890
      email: thomas.heimhofer@immigon.com

       

    13. -hoc release pursuant to the Austrian Stock Exchange Act (Börsegesetz - BörseG) / immigon portfolioabbau ag decided the early redemption of the floating callable subordinated bond with ISIN: XS0275528627 (Vienna, 01 February 2016)

      immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, FN116476p ("immigon"), has decided to early redeem the floating callable subordinated bond with ISIN: XS0275528627 according to conditions at par value.

      Mandatory information pursuant to the disclosure and notification regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Participation Certificates
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certifi-cates (issued by Banque de Luxembourg as trustee)

      The five bonds issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) with the highest nominal volume:

      ISIN:
      AT000B056544
      AT000B053442
      XS0275528627
      AT000B060462      
      AT000B115902 
       
      Securities issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (0) 676 790 7890
      email: thomas.heimhofer@immigon.com

    14. Ad-hoc release pursuant to the Austrian Stock Exchange Act (Börsegesetz - BörseG) / immigon portfolioabbau ag: immigon resolves the early redemption of certain Certificates as of 23 February 2016 (Vienna, 19 January 2016)
      immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, FN116476p ("immigon"), has resolved to early redeem the following outstanding certificates (the "Certificates") with effect as of the following termination dates:
       Certificates   ISIN  Termination Date 
      Indexzertifikat auf ATX  AT0000436100   23.02.2016
       Indexzertifikat auf CECE  AT0000436118   23.02.2016
       Indexzertifikat auf Hang Seng  AT0000436134   23.02.2016
       Indexzertifikat auf Hang Seng China  AT0000436142   23.02.2016
       Indexzertifikat auf RDX USD Index  AT0000436167   23.02.2016
      The early redemptions will be effected at the redemption amounts calculated in accordance with the terms and conditions of the Certificates, which will be published on the website of immigon http://www.immigon.com/investor-relations on or about 23 February 2016.
       
       

      Mandatory information pursuant to the disclosure and notification regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Participation Certificates
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certifi-cates (issued by Banque de Luxembourg as trustee)

      The five bonds issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) with the highest nominal volume:

      ISIN:
      AT000B056544
      AT000B053442
      XS0275528627
      AT000B060462
      AT000B115902
      Securities issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

       

      Press contact:

      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (0) 676 790 7890
      email: thomas.heimhofer@immigon.com

  • 2015

    1. Ad-hoc release pursuant to the Austrian Stock Exchange Act (Börsegesetz - BörseG) / immigon portfolioabbau ag decides to publish buyback quotes for any and all outstanding non-subordinated liabilities with a maturity date later than 31 December 2015 on its website (30 October 2015)

      immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, FN116476p ("immigon") has decided to publish on its website http://www.immigon.com quotes (the "Buyback Quotes") for any and all of its outstanding non-subordinated liabilities with a maturity date later than 31 December 2015 (the "Instruments"). The Buyback Quotes are intended to be published from 9 November 2015 on. immigon may suspend, terminate and/or recommence the publication of the Buyback Quotes at any time in its sole discretion. As long as the Buyback Quotes are published, retail and institutional investors are invited to offer immigon purchasing the Instruments at the Buyback Quotes, and immigon shall be entitled to accept such offers at its sole discretion.

      Mandatory information pursuant to the disclosure and notification regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Participation Certificates
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five bonds issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) with the highest nominal volume:

      ISIN:
      AT000B056544
      AT000B053442
      XS0275528627
      AT000B060462
      AT000B115902

      Securities issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

       

      Press contact:

      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (0) 676 790 7890
      email: thomas.heimhofer@immigon.com

    2. Ad-hoc release pursuant to the Austrian Stock Exchange Act (Börsegesetz - BörseG) / immigon portfolioabbau ag: immigon resolves the early redemption of certain Certificates as of 10 December 2015 respectively 18 December 2015 (15 October 2015)
      immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, FN116476p ("immigon"), has resolved to early redeem the following outstanding certificates (the "Certificates") with effect as of the following termination dates:
      Certificates ISIN Termination Date
      Index Certificates NIKKEI 225 AT0000432729 10.12.2015
      Index Certificates DJ Industrial Average AT0000432703 18.12.2015
      Index Certificates DJ Euro Stoxx 50 AT0000432711 18.12.2015
      Index Certificates S&P 500 AT0000435573 18.12.2015
      Index Certificates DAX AT0000435581 18.12.2015
      Index Certificates TecDAX AT0000435631 18.12.2015
       The early redemptions will be effected at the redemption amounts calculated in accordance with the terms and conditions of the Certificates, which will be published on the website of immigon http://www.immigon.com/investor-relations on or about 10 December 2015 as well as on or about 18 December 2015.

      Mandatory information pursuant to the disclosure and notification regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Participation Certificates
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certifi-cates (issued by Banque de Luxembourg as trustee)

      The five bonds issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) with the highest nominal volume:

      ISIN:
      AT000B056544
      AT000B053442
      XS0275528627
      AT000B060462
      AT000B115902

      Securities issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:

      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (0) 676 790 7890
      e-mail: thomas.heimhofer@immigon.com

    3. Ad-hoc release pursuant to the Austrian Stock Exchange Act (Börsegesetz - BörseG) / immigon portfolioabbau ag: Results of buyback programme for non-subordinated liabilities (15 October 2015)

      On 7 September 2015, immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, FN116476p ("immigon") announced and published the launch of a buyback programme for non-subordinated liabilities. Creditors of a total of 95 non-subordinated liabilities in the form of bonds (Anleihen) (the "Instruments") were invited to offer such Instruments to immigon for repurchase against payment in cash. This invitation to submit offers for repurchase was primarily targeted at retail investors, because (among other factors), in accordance with the terms and conditions of the buyback programme, immigon treats tender instructions in respect of Instruments in an aggregate principal amount or unit value not surpassing EUR 250,000 (or the equivalent amount in another currency, if applicable) as priority 1 tender instructions ("Priority 1 Tender Instructions") and thus accepted in priority. The offer period expired on 14 October 2015 at 16:00 hours London time/ 17:00 hours CET.


      The offers received from investors comprised Instruments with a total principal amount or unit value of approximately EUR 49 m. Following evaluation of offers received, the management board (Vorstand) of immigon resolved on 15 October 2015 to accept offers for a total consideration amount including accrued interest of approximately EUR 53 million. Therefore, offers that do not qualify as Priority 1 Tender Instruction have also been accepted for repurchase.


      Details of the results of the tender offer, of offers accepted as well as of the Instruments and their ISINs or ID-Numbers (as applicable) are, subject to access and offer and distribution restrictions, available on immigon's homepage under http://www.immigon.com/investorrelations under the heading "Ad-hoc releases" or from the Tender Agent Citibank, N.A., London Branch.

      Mandatory information pursuant to the disclosure and notification regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on a regulated market in a Member State of the European Economic Area:


      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Participation Certificates
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certifi-cates (issued by Banque de Luxembourg as trustee)

      The five bonds issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) with the highest nominal volume:

      ISIN:
      AT000B056544
      AT000B053442
      XS0275528627
      AT000B060462
      AT000B115902


      Securities issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on the following stock exchanges:
      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange


       
      Press contact:

      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (0) 676 790 7890
      mail to: thomas.heimhofer@immigon.com

    4. Immigon: Admission of participation certificates ISIN AT0000755665 to official trading (Amtlicher Handel) on Vienna Stock Exchange repealed (6 October 2015)

      On 04 September 2015 immigon portfolioabbau ag released that the Wiener Börse AG (Vienna Stock Exchange) had initiated proceedings to repeal the admission of the participation certificates ISIN AT0000755665 to trading on the Vienna Stock Exchange (see ad-hoc-release dated 04 September 2015). The Wiener Börse AG (Vienna Stock Exchange) has closed these proceedings and repealed today the admission of the participation certificates ISIN AT0000755665 to official trading (Amtlicher Handel) on the Vienna Stock Exchange as per 30 November 2015. As a result, the participation certificates ISIN AT0000755665 will not be admitted to official trading (Amtlicher Handel) on the Vienna Stock Exchange as from 01 December 2015.

      Mandatory information pursuant to the disclosure and notification regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Participation Certificates
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certifi-cates (issued by Banque de Luxembourg as trustee)

      The five bonds issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) with the highest nominal volume:

      ISIN:
      AT000B056544
      AT000B053442
      XS0275528627
      AT000B060462
      AT000B115902 

      Securities issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

       

      Press contact:


      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (0) 676 790 7890
      mail to: thomas.heimhofer@immigon.com

    5. Ad-hoc release pursuant to the Austrian Stock Exchange Act (Börsegesetz - BörseG) / immigon portfolioabbau ag resolves the early redemption of certain Certificates as of 07 October 2015 (24 September 2015)

      immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, FN116476p ("immigon"), has resolved to early redeem the following outstanding certificates (the "Certificates") with effect as of 07 October 2015:

      Name: ISIN:
      Index Certificates S-BOX CSS Index AT000B054085
      Index Certificates commodities (Silver Spot) AT000B053681
      Index Certificates commodities (Gold Spot) AT000B053699
      Index Certificates commodities (Brent Crude Oil Future) AT000B053707

      The early redemptions will be effected at the redemption amounts calculated in accordance with the terms and conditions of the Certificates, which will be published on the website of immigon http://www.immigon.com/investor-relations on or about 07 October 2015.

      Mandatory information pursuant to the disclosure and notification regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Participation Certificates
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certifi-cates (issued by Banque de Luxembourg as trustee)

      The five bonds issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) with the highest nominal volume:

      ISIN:
      AT000B056544
      AT000B053442
      XS0275528627
      AT000B060462      
      AT000B115902 
       
      Securities issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:

      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (0) 676 790 7890
      email: thomas.heimhofer@immigon.com

    6. Ad-hoc release pursuant to the Austrian Stock Exchange Act (Börsegesetz - BörseG) / immigon portfolioabbau ag starts new buyback programme for non-subordinated lia-bilities (7 September 2015)

      On 7 September 2015 the managing board of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, FN116476p ("immigon"), has resolved to invite the holders of certain outstanding instruments (as described below) to offer their instruments to immigon for repurchase against consideration in cash.

      The instruments subject to the tender offer comprise in total 95 non-subordinated liabilities in the form of bonds (the "Instruments"). The anticipated maximum total consideration amount is EUR 400,000,000. The offer period starts on 7 September 2015 and is due to expire on 14 October 2015, offers to be received by 4.00 pm London time/ 5.00 pm CET on such date.

      The invitation to offer the Instruments for repurchase is primarily targeted at retail investors and provides a fixed purchase/tender price for each series of the respective Instruments. In respect of each series of Instruments, Investors who offer to immigon Instruments up to EUR 250,000 in aggregate principal amount (or unit value, as the case may be) (or its equivalent in another currency in which the Instruments are denominated) of the relevant Instruments will receive preferential treatment, as further described in the Tender Offer Memorandum dated 7 September 2015 (the "Tender Offer Memorandum"). Further, immigon will pay an amount corresponding to the accrued and unpaid interest for each purchased Instrument (as applicable).

      The invitation to offer the Instruments for repurchase is solely based on the terms and subject to the conditions contained in the Tender Offer Memorandum which may – subject to access and offer and distribution restrictions – be obtained from the tender agent Citibank, N.A., London branch.

      Details on the buyback programme, including details on the Instruments and their ISINs and ID numbers are, subject to access and offer and distribution restrictions, available on immigon's homepage under http://www.immigon.com/investor-relations under the heading "Ad-hoc releases" or from the tender agent Citibank, N.A., London branch.

      Mandatory information pursuant to the disclosure and notification regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Participation Certificates
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certifi-cates (issued by Banque de Luxembourg as trustee)

      The five bonds issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) with the highest nominal volume:

      ISIN:
      AT000B056544
      AT000B053442
      XS0275528627
      AT000B060462      
      AT000B115902 
       
      Securities issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (0) 676 790 7890
      email: thomas.heimhofer@immigon.com

    7. immigon: Vienna Stock Exchange initiates proceedings to repeal the admission to trading of the participation certificates ISIN AT0000755665 (04 September 2015)

      On 28 May 2015, in preparation of its de-merger, the general meeting of Österreichische Volksbanken-Aktiengesellschaft (ÖVAG), the legal predecessor of immigon portfolioabbau ag and issuer of the participation certificates ISIN AT0000755665, resolved to reduce its registered share capital and its participation capital. The de-merger and reduction of the registered share capital and the participation capital became effective as of 4 July 2015.

      As a result of the reduction of the registered share capital, the total nominal value of the participation certificates ISIN AT0000755665 listed on the Official Market of the Vienna Stock Exchange (Amtlicher Handel der Wiener Börse) fell below the statutory minimum requirement of EUR 750,000. The Vienna Stock Exchange has thus initiated proceedings to repeal the admission to trading of the participation certificates ISIN AT0000755665 on 03 September 2015.

      Pursuant to section 162 of the Federal Act on the Recovery and Resolution of Banks (BaSAG), it would be contrary to the purpose of immigon portfolioabbau ag as a wind-down company to increase its participation capital again. It must thus be expected that the Vienna Stock Exchange will repeal the admission to trading of the participation certificates ISIN AT0000755665 and that the participation certificates ISIN  AT0000755665 will not be listed on a stock exchange in the future. 

      Mandatory information pursuant to the disclosure and notification regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Participation Certificates
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five bonds issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) with the highest nominal volume:

      ISIN:
      AT000B056544
      AT000B053442
      XS0275528627
      AT000B060462      
      AT000B115902 

      Securities issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on the following stock exchanges:
      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@immigon.com

    8. immigon: Forecast for year end results 2015; low three-digit million figure expected as year end result (27 August 2015)

      immigon portfolio ag has achieved a positive effect on its results deriving from the buyback programme for non-subordinated liabilities offered from 10 July through 28 July 2015 resulting from the repurchase below the repayment amount and the subsequent termination of derivatives (see ad hoc release dated 31 July 2015). Following the final calculation of the amounts due resulting from the termination of the derivatives, which were entered into in connection with the repurchased issuances, and determination of the effects thereof on the profit and loss statement and taking into account the results of the wind-down measures, the sale of shareholdings and further valuation assessments, the management board has prepared a new forecast for 2015 on 27 August 2015.

      Based on its current estimate, the management board is expecting a low three-digit million figure as annual net profit after taxes for immigon portfolioabbau ag's individual financial statements (Austrian Commercial Code – UGB). So far, an amount of approximately EUR 25 million was expected as annual net profit after taxes for immigon portfolioabbau ag's individual financial statements (see the presentation Neuordnung Volksbanken-Verbund, Spaltung, Abbaugesellschaft published on immigon portfolioabbau ag's homepage – as referred to in the ad hoc release dated 24 June 2015).

      immigon portfolioabbau ag is a wind-down company in accordance with the Federal Act on the Recovery and Resolution of Banks (BaSAG) and is thus exposed to uncertainties and risks of its wind-down process, such as risks related to the proceeds achievable in the course of the sale of its assets, outstanding loans, higher expenses and warranty claims.

      As far as the likelihood of payments in respect of certain profit-related instruments (in accordance with the terms and conditions of such instruments) for the financial year 2015 is concerned, immigon portfolioabbau ag may refer to its ad hoc release dated 31 July 2015. As of today, it is envisaged that, in order to protect itself against the risks in the wind-down process, immigon (in particular due to its business activity as wind-down company) will transfer its net profit to its reserves to the largest extent possible.

      Mandatory information pursuant to the disclosure and notification regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Participation Certificates
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five bonds issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) with the highest nominal volume:

      ISIN:
      AT000B056544
      AT000B053442
      XS0275528627
      AT000B060462      
      AT0000439690

      Securities issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@immigon.com

    9. Immigon agrees to sell VB Leasing Finanzierungsgesellschaft m.b.H. to BAWAG PSK Leasing (12 August 2015)

       

      immigon portfolioabbau ag agreed to sell its 100% stake in VB Leasing Finanzierungsgesellschaft m.b.H., which it held via its subsidiary Unternehmensbeteiligungs Gesellschaft mit beschränkter Haftung, to BAWAG PSK Leasing GmbH. The relevant sale and purchase agreement was executed on 12 August 2015. The closing is anticipated for 4Q2015, subject to customary conditions, including regulatory approvals. VB Leasing Finanzierungsgesellschaft m.b.H.-Group held net customer receivables of EUR 653 million as at 30 June 2015. The Purchaser will replace 100% of the refinancing of VB Leasing Finanzierungsgesellschaft m.b.H.-Group of approx. EUR 650 million at closing. The deal economics were not disclosed.
       
      The sale of the stake in VB Leasing Finanzierungsgesellschaft m.b.H. is part of immigon’s wind down plan.
       
      Mandatory information pursuant to the disclosure and notification regulation (Veröffentlichungs- und Meldeverordnung – VMV)
       
      The following issues of participation capital (Partizipationskapital) of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on a regulated market in a Member State of the European Economic Area:
       
      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Participation Certificates
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)
       
      The five bonds issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) with the highest nominal volume:

      ISIN:
      AT000B056544
      AT000B053442
      XS0275528627
      AT000B060462      
      AT000B115902
       
      Securities issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on the following stock exchanges:
       
      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange
       
      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (0)676 790 7890
      email: thomas.heimhofer@outlook.com

       

    10. Results of buyback programme for non-subordinated liabilities (31 July 2015) and Revision of a previous ad-hoc release – positive year end result at single entity level of immigon rather likely (31 July 2015

      On 9 July 2015 immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, FN116476p ("immigon") announced the launch of a buyback programme for non-subordinated liabilities and published the same on 10 July 2015. Creditors of a total of 268 non-subordinated liabilities in the form of bonds (Anleihen), registered notes (Namensschuldverschreibungen) and Schuldscheine (the "Tender Securities") were addressed and invited to offer immigon their outstanding instruments for purchase or prepayment (as applicable). On 28 July 2015, 16:00 London time / 17:00 CET the offer period expired. The anticipated total consideration amount was EUR 850 mn.

      Offers received from investors comprised Tender Securities with a total nominal volume of around EUR 1.456 bn. Following evaluation of offers received and prices offered, the management board (Vorstand) of immigon resolved on 31 July 2015 to accept offers for a total consideration amount including accrued interest of EUR 933 million. Details of the results of the tender offer, of offers accepted as well as of the Tender Securities and their ISINs or ID-Numbers (as applicable) are, subject to access and offer and distribution restrictions, available on immigon's homepage under http://www.immigon.com/investorrelations under the heading "Ad-hoc releases" or from the Tender Agent Citibank, N.A., London branch.

      Following implementation of the buyback programme within the next few days, the management board of immigon expects a positive effect on immigon's results.The results planning for 2015 presumed in the resolution plan (Abbauplan) has intensified further as the management board's current expectation is that a positive result may likely be recorded at single entity level in immigon's single entity annual financial statements for the financial year 2015. This could potentially lead to subsequent payments by immigon in respect of certain profit-related instruments in accordance with the terms and conditions of such instruments. Whether this will in fact be the case, can only be determined after expiry of the financial year 2015.

      On 28 November 2013 Österreichische Volksbanken-Aktiengesellschaft (now immigon) has announced via EANS-Adhoc that a negative result is to be expected at single-entity level in any event until the end of the financial year 2015. Due to the changed expectations of the management board on 31 July 2015 in relation to its year-end results, immigon hereby revises its previous ad hoc release for the financial year 2015 in the sense that pursuant to current expectations held by the management board it is rather likely that immigon may record a positive result for the financial year 2015 in its annual financial statements at single entity level.

      Mandatory information pursuant to the disclosure and notification regulation (Veröffentlichungs- und Meldeverordnung – VMV)

      The following issues of participation capital (Partizipationskapital) of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Participation Certificates
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      The five bonds issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) with the highest nominal volume:

      ISIN:
      AT000B056544
      AT000B053442
      XS0275528627
      AT000B059456
      AT000B115902

      Securities issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on the following stock exchanges:

      Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
      Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Thomas Heimhofer
      immigon portfolioabbau ag
      mobile: +43 (676) 790 7890
      email: thomas.heimhofer@outlook.com

    11. immigon portfolioabbau ag - Start of a buyback programme for non-subordinated liabilities (9 July 2015)

      immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft), Peregringasse 2, 1090 Vienna, FN116476p ("immigon") announced on 24 June 2015 that it began preparing a buyback programme for non-subordinated liabilities. Following the implementation of the demerger of ÖVAG and the continued operation of immigon as wind-down company (Abbaugesellschaft) pursuant to section 162 of the Austrian Federal Act on the Restructuring and Resolution of Banks (Bundesgesetzes über die Sanierung und Abwicklung von Banken) on 4 July 2015 the management board (Vorstand) of immigon has resolved on 9 July 2015 on the launch, of an invitation to holders or creditors of certain instruments to offer their outstanding instruments for purchase or prepayment (as applicable).

      Instruments the subject of the tender offer constitute in total 268 non-subordinated liabilities comprising the following instruments: bonds (Anleihen), registered notes (Namensschuldverschreibungen) and Schuldscheine (the "Tender Securities"). The anticipated maximum total consideration amount is EUR 850,000,000. The offer period is expected to begin on 10 July 2015 and expire at 16.00 (London time)/ 17.00 (CET) on 28 July 2015.

      The invitation to offer the Tender Securities for purchase or prepayment is solely based on the terms and subject to the conditions contained in the Tender Offer Memorandum dated 10 July 2015 which can (subject to access and offer and distribution restrictions) be obtained from the Tender Agent Citibank, N.A., London branch and the Dealer Manager Citigroup Global Markets Limited.

      Details on the tender offer, the Tender Securities and their ISINs or ID-Numbers (as applicable) are, subject to access and offer and distribution restrictions, obtainable on immigon's homepage under http://www.immigon.com/investor-relations under the heading "Ad-hoc releases" or from the Tender Agent Citibank, N.A., London branch.

      Mandatory information pursuant to the Austrian Publication and Announcements Regulation (Veröffentlichungs- und Meldeverordnung):

      The following issues of participation capital (Partizipationskapital) of immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted to trading on a regulated market in a Member State of the European Economic Area:

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Participation Certificates
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg as trustee)

      Five bonds issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) with the highest nominal volume:

      ISIN:
      AT000B056544
      AT000B053442
      AT000B121884
      AT000B121868
      XS0275528627

      Securities issued by immigon portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are admitted for trading on the following stock exchanges:

      Geregelter Freiverkehr of Wiener Börse AG
      Amtlicher Handel of Wiener Börse AG
      Regulated Market of Luxembourg Stock Exchange
      Open market (Freiverkehr) of Berlin Stock Exchange
      Open market (Freiverkehr) of Stuttgart Stock Exchange
      Open Market (Freiverkehr) of Frankfurt Stock Exchange

      Press contact:
      Petra Roth
      immigon portfolioabbau ag
      Mobile: 0664 6129223
      Mail to: petra.roth@volksbank.com

    12. Oesterreichische Volksbanken-AG – Preparation of buyback programme for non-subordinated liabilities has begun (24 June 2015)

      Oesterreichische Volksbanken-Aktiengesellschaft, Kolingasse 14-16, 1090 Wien, company register number 116476p (VBAG) is now in the process of preparing for the demerger and continued operation of VBAG as a wind-down entity pursuant to Section 162 of the Federal Act on the Recovery and Resolution of Banks (Bundesgesetz über die Sanierung und Abwicklung von Banken). The regulatory and official approvals needed for this purpose are not yet available. Concerning the envisaged procedure for the demerger and continued operation of VBAG as a wind-down entity, VBAG refers to information published on its website.

      Provided the demerger is legally effective and the continued operation of VBAG as a wind-down entity is approved by the relevant authorities, VBAG must reduce the portfolio optimally and as quickly as possible. Therefore, VBAG’s Managing Board has today prudentially decided to begin preparing a buyback programme for liabilities. In this context, VBAG is also publishing updated information about the institution, particularly planning assumptions for those business areas that will remain part of the wind-down entity “immigon portfolioabbau ag” after the demerger. Due to the fact, that the demerger of VBAG is still subject to regulatory approval, and it will not be known until the end of the 2015 business year whether the planning assumptions have been realised, no definite statement can be made at the present time regarding the development of earnings set out in the planning.

      The information mentioned above is available on VBAG's website, http://www.volksbank.com/investor-relations under Group information/Presentations. VBAG will continually update this information about the institution and publish it on VBAG’s website as appropriate. Any buyback will take place by way of a public offer to investors and will only concern non-subordinated liabilities. VBAG will make a separate announcement in due course regarding the actual implementation of a buyback programme, including the liabilities concerned.

      Listed participation capital issues of Österreichische Volksbanken-AG:

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Partizipationsscheine XS0359924643       EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued on a fiduciary basis by Banque de Luxembourg)

      The five largest listed issues of Österreichische Volksbanken-AG by issuance volume:

      ISIN:
      AT000B056544
      AT000B053442
      AT000B121884
      AT000B121868
      XS0275528627

      The issues of Österreichische Volksbanken-AG are admitted on the following stock exchanges:

      Second Regulated Market of Wiener Börse AG
      Official trading of Wiener Börse AG
      Regulated market of the Luxembourg Stock Exchange
      Open Market of Berlin Stock Exchange
      Open Market of Stuttgart Stock Exchange
      Open Market of Frankfurt Stock Exchange


      Press contact:
      Petra Roth
      Österreichische Volksbanken-AG
      Mobile: 0664 6129223
      E-mail: petra.roth@volksbank.com

      Contact Institutional Investor Relations:
      Karl Kinsky: 0043 504004-3338
      Manuela Elsensohn-Pauser: 0043 504004-3187
      E-mail: investorrelations@volksbank.com

    13. ÖVAG Finance (Jersey) Limited: XS0201306288 Securities: redemption at zero to be expected (14 January 2015)

      ÖVAG Finance (Jersey) Limited invested the proceeds of its EUR 32.629 million Fixed/Floating Rate Non-cumulative Non-voting Preferred Securities in supplementary capital (upper tier 2 capital) issued by Österreichische Volksbanken-AG (VBAG).

      Upper tier 2 capital is loss-absorbing according to section 23 (7) of the Austrian Banking Act (version before entry into force of federal law BGBI. I Nr. 184/2013 on 01 January 2014) and can be redeemed at maturity before liquidation of the bank only after deduction of net losses allocated on a pro-rata basis over the life of the securities.

      Net losses are the negative sum of annual results after taxes (profits or losses) before changes in reserves on the single entity level of the bank incurred over the life of the securities. Yearly results are allocated on a pro rata basis, the amount of profit or loss allocated to a specific upper tier 2 security is determined by the volume of the respective issue in relation to the total volume of loss-absorbing instruments (upper tier 2 securities, participation capital, share capital) then outstanding. When redeeming an upper tier 2 security, the results allocated over its life are summed up and in case of net losses these have to be deducted from the redemption amount.

      VBAG’s current demerger plan envisages that supplementary capital of VBAG together with other equity capital instruments will remain in the future wind-down unit after completion of the demerger. The amount of net losses currently allocated to the supplementary capital of VBAG, held by ÖVAG Finance (Jersey) Limited, exceeds the amount of the securities’ nominal value and as no future profits are to be expected in the wind-down unit there is no potential to decrease allocated net losses through theoretical future profits. Therefore a redemption value of zero should be expected for VBAG’s supplementary capital. Consequently the management of ÖVAG Finance (Jersey) Limited expects that the redemption value of the Preferred Securities issued could as well be zero.

  • 2014

    1. Volksbank Group: ECB announce SREP draft decision on capital ratios / EGM approves run down of VBAG (23 December 2014)

      Within the framework of the supervisory review and evaluation process (SREP), the European Central Bank today announced a draft decision requiring the Association of Volksbanks to maintain a CET1 ratio of 14,63 % from 26 July 2015.

      The Management Board of Oesterreichische Volksbanken-Aktiengesellschaft (VBAG) took the decision in principle to split VBAG and to establish a run down unit in October 2014. This represents one of the central measures included in the capital plan which has been sent to the ECB.

      The establishment of a run down unit also was an item on the agenda of the General Meeting held by VBAG today. The EGM unanimously took the decision in principle that VBAG’s business model is to be changed. The aim is for VBAG to become a “run down company” (Abwicklungsgesellschaft) in particular as per Section 162 of the draft Federal Law on Bank Recovery and Resolution (Banken Sanierungs- und Abwicklungsgesetz). When VBAG is put into run down status, it is also planned for central institution functions and related assets and liabilities to be taken over by Volksbank Wien-Baden.

      The run down of VBAG is subject to approval from a number of bodies, notably the European Commission for Competition, the European Central Bank and the national authorities.

      Stock exchange listed issues of participation capital issued by Österreichische Volksbanken-Aktiengesellschaft:

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Partizipationsscheine
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued on a fiduciary basis by Banque de Luxembourg)

      The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume:

      ISIN:
      AT000B115704
      AT000B121769
      AT000B056544
      AT000B053442
      XS0275528627

      The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges:

      Regulated unofficial market of Wiener Börse AG
      Official trading of Wiener Börse AG
      Regulated market of the Luxembourg Stock Exchange
      Open Market of Berlin Stock Exchange
      Open Market of Stuttgart Stock Exchange
      Open Market of Frankfurt Stock Exchange

      Contact for media:
      Petra Roth
      Österreichische Volksbanken-AG
      Mobil: 0664 6129223
      Mail to: petra.roth@volksbank.com

      Contact Institutional Investor Relations:
      Karl Kinsky: 0043 504004-3338
      Manuela Elsensohn-Pauser: 0043 504004-3187
      Mail to: investorrelations@volksbank.com

    2. ÖVAG Finance Jersey: EGM approves wind down of VBAG (23 December 2014)

      An Extraordinary General Meeting of Österreichische Volksbanken-Aktiengesellschaft (VBAG) today unanimously took the decision in principle that VBAG’s business model is to be changed. The aim is for VBAG to become a “run down company” (Abwicklungsgesellschaft) in particular as per Section 162 of the draft Federal Law on Bank Recovery and Resolution (Banken Sanierungs- und Abwicklungsgesetz). When VBAG is put into run down status, it is also planned for central institution functions and related assets and liabilities to be taken over by Volksbank Wien-Baden AG.

      The run down of VBAG is subject to approval from a number of bodies, notably the European Commission for Competition, the European Central Bank and the national authorities.

      OVAG Finance Jersey therefore assumes that VBAG will, subject to the necessary approval mentioned above, cease to be a going concern in the future. OVAG Finance Jersey’s sole asset is supplementary capital issued by VBAG which is loss absorbing according to the Austrian Banking Act and may only be repaid before liquidation after deduction of allocated net losses. Depending on the success and timing of the run down of VBAG, this might lead to further impairment of OVAG Finance Jersey’s asset and thus have a negative impact on the value and ultimately the potential repayment of the preferred securities issued by OVAG Finance Jersey.

    3. Investkredit Funding: EGM approves wind down of VBAG (23 December 2014)

      An Extraordinary General Meeting of Österreichische Volksbanken-Aktiengesellschaft (VBAG) today unanimously took the decision in principle that VBAG’s business model is to be changed. The aim is for VBAG to become a “run down company” (Abwicklungsgesellschaft) in particular as per Section 162 of the draft Federal Law on Bank Recovery and Resolution (Banken Sanierungs- und Abwicklungsgesetz). When VBAG is put into run down status, it is also planned for central institution functions and related assets and liabilities to be taken over by Volksbank Wien-Baden AG .

      The run down of VBAG is subject to approval from a number of bodies, notably the European Commission for Competition, the European Central Bank and the national authorities.

      Investkredit Funding therefore assumes that VBAG will, subject to the necessary approvals mentioned above, cease to be a going concern in the future. Investkredit Funding’s sole asset is supplementary capital issued by Investkredit Bank AG, a company merged into VBAG in 2012, which is loss absorbing according to the Austrian Banking Act and may only be repaid before liquidation after deduction of allocated net losses. Up to now no net losses have been allocated to this instrument. Depending on the success and timing of the run down of VBAG, this might lead to further impairment of Investkredit Funding’s asset and thus have a negative impact on the value and ultimately the potential repayment of the limited Recourse Notes issued by Investkredit Funding.

    4. Volksbank Group: Austrian Association of Volksbanks; results of the ECB’s stress test for the Association of Volksbanks; no dividend payment on profit-related instruments (26 October 2014)

      Austrian Association of Volksbanks; results of the ECB’s stress test for the Association of Volksbanks; no dividend payment on profit-related instruments

      In the run-up to the transfer of supervisory duties for the EU’s 130 largest banks, the European Central Bank (ECB) has subjected these institutions to a series of extensive tests, known as the comprehensive assessment or CA. The Austrian Association of Volksbanks is one of six Austrian banking groups undergoing this assessment.

      The aggregate capital shortfall calculated by the ECB for the Association of Volksbanks amounts to euro 864,72 million. This is in line with previous announcements by VBAG that the Association of Volksbanks may require further capital in the future.

      The stress test did not take into account the wind-down measures actually taken in 2014 or the planned restructuring of the Association of Volksbanks, as these came after the test’s cut-off date of 31 December 2013. Under the restructuring plan, VBAG will be split up and the Volksbank sector strengthened by mergers to create nine regional banks and three specialist institutions. This plan remains subject to approval by the authorities and VBAG’s executive bodies. There is currently no prospect of dividend payments on VBAG’s profit-related instruments (participation capital, hybrid capital, supplementary capital).

      Stock exchange listed issues of participation capital issued by Österreichische Volksbanken-Aktiengesellschaft:

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Partizipationsscheine
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued on a fiduciary basis by Banque de Luxembourg)

      The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume:

      ISIN:
      AT000B115704
      AT000B121769
      AT000B056544
      AT000B053442
      XS0220043367

       

       

      The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges:

      Regulated unofficial market of Wiener Börse AG
      Official trading of Wiener Börse AG
      Regulated market of the Luxembourg Stock Exchange
      Open Market of Berlin Stock Exchange
      Open Market of Stuttgart Stock Exchange
      Open Market of Frankfurt Stock Exchange


      Contact details:
      Österreichische Volksbanken-Aktiengesellschaft
      Petra Roth
      Tel. +43 664 6129223
      petra.roth@volksbank.com

    5. Volksbank Group: Reorganisation of the Association of Volksbanks (2 October 2014)

      Reorganisation of the Association of Volksbanks

      Subtitle: Splitting up VBAG will ensure the future of Volksbanks under new structures and will avoid any further burden on taxpayers

      The Executive Board of Österreichische Volksbanken-AG (VBAG) decided in principle today to restructure VBAG. Those assets and tasks that are currently allocated to VBAG´s non-core business areas are to be fully liquidated. Assets and service units belonging to the core business, together with all tasks undertaken by VBAG in its capacity as the central organisation of the Association of Volksbanks, are to be merged into a new top institution of the Association.

      VBAG's objective is to deal swiftly with all remaining transactions that are not part of the core business, to meet its liabilities to creditors on the relevant maturity dates and to avoid any additional burden on taxpayers.
       
      The concrete plan together with the relevant legal aspects will be worked out in more detail over the coming weeks. Final implementation will require official and supervisory approval.

      New structure for Volksbanks

      A meeting of all cooperative bank members of the Association of Volksbanks took place today; there was a large majority in favour of implementing a fundamental restructure and accepting the "9+3" structure model with more than 95%. Small and medium-sized banks will merge together to form nine strong regional banks that will cooperate closely with one another in future.  These will be augmented by three specialist institutions.

      The purpose of this package of measures is to significantly strengthen the profitability of Austrian Volksbanken and to make it possible for them to raise funds on the capital markets.

      For further information, please contact:
      Petra Roth
      Österreichische Volksbanken-Aktiengesellschaft
      Tel.: 0664 6129223
      Mail: petra.roth@volksbank.com

  • 2013

    1. Oesterreichische Volksbanken-AG (VBAG): Draft conclusion of recent JRAD audit received from FMA – requirement for total capital ratio for Volksbanke-Verbund 13.6% – deadline for implementation not set (19 December 2013)

      Oesterreichische Volksbanken-AG( VBAG) as central organisation of Volksbanken-Verbund announces that it was informed by the Austrian Financial Market Authority (FMA) on the result of the draft report of the Joint Risk Assessment and Decision-Process (JRAD) as per 31 Dec. 2012.

      The FMA notes in this draft decision that Volksbanken-Verbund will have to ensure fulfillment of a total capital ratio of 13.6%. The exact date as per which Volksbanken-Verbund will have to comply with the ratio will be set by the FMA at a later stage.

      In its last reporting to the Austrian National Bank on 31 Oct. 2013 Volksbanken-Verbund had a total capital ratio according to Basle II of 15%. This ratio will decline in future due to the changeover from Basel II to Basel III, as well as the loss of VBAG on a single entity level for the business year 2013, which will likely exceed euro 200 million. Additional capital measures are being evaluated in order to meet a possible capital requirement.

      Stock exchange listed issues of participation capital issued by Österreichische Volksbanken-Aktiengesellschaft:

      ISIN:

      AT0000755665 Österreichische Volksbanken-AG Partizipationsscheine
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued on a fiduciary basis by Banque de Luxembourg)

      ISIN:

      AT0000755665 Österreichische Volksbanken-AG Partizipationsscheine
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued on a fiduciary basis by Banque de Luxembourg)

      The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume:

      ISIN:
         
      AT000B115704
      AT000B053442
      AT000B056544
      AT000B058011
      AT000B057492

      ISIN:

      AT000B115704
      AT000B053442
      AT000B056544
      AT000B058011
      AT000B057492

      The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges:

      Regulated unofficial market of Wiener Börse AG
      Official trading of Wiener Börse AG
      Regulated market of the Luxembourg Stock Exchange
      Open Market of Berlin Stock Exchange
      Open Market of Stuttgart Stock Exchange
      Open Market of Frankfurt Stock Exchange

      Contact details:
      Österreichische Volksbanken-Aktiengesellschaft
      Walter Gröblinger 
      Tel. +43 664 8163732 
      walter.groeblinger@volksbank.com

      Regulated unofficial market of Wiener Börse AG
      Official trading of Wiener Börse AG
      Regulated market of the Luxembourg Stock Exchange
      Open Market of Berlin Stock Exchange
      Open Market of Stuttgart Stock Exchange
      Open Market of Frankfurt Stock Exchange

      Contact details:
      Österreichische Volksbanken-Aktiengesellschaft
      Walter Gröblinger
      Tel. +43 664 8163732
      walter.groeblinger@volksbank.com

    2. VBAG expects negative results at single-entity level until at least the end of the 2015 business year / No interest paid on supplementary capital / Provisional Group result as at 30 September 2013 (28 November 2013)

      The Board of Management of Österreichische Volksbanken-AG (VBAG) is currently preparing a new medium-term plan for 2014 and subsequent years. It indicates that, in view of restructuring measures, a negative result is to be expected at the single-entity level at any rate until the end of the 2015 business year, so that interest payments on supplementary capital should not be anticipated at least until 2016 (for the business years 2014 and 2015).

      The interim report for the first three quarters of 2013 was completed at the same time.
      Provisional VBAG Group result for the first three quarters of 2013:

      • Result for the period
        • before taxes: euro -48.7 million
        • after taxes and minority interests: euro -66.8 million

      • Total assets reduced by a further euro 4.3 billion since year-end 2012 to euro 23.3 billion
      • RWA (total risk) reduced by a further euro 2.7 billion since year-end 2012 to euro 13 billion
      • Capital ratios have been steadily increased:
        • Tier 1 ratio (total risk) stands at 13.0% (year-end 2012: 10.9%)
        • Equity ratio (total risk) stands at 17.5% (year-end 2012: 15.7%)


      Detailed results for the first three quarters of 2013 will be published on Friday 29 November 2013 on the VBAG website (www.volksbank.com/investor_relations).

      Since temporary tax differences related to the 2008 participation capital ceased to apply, conditions for recognition of deferred tax liabilities as at 31 December 2012 were no longer met. The difference in the result caused by this changes increases the IFRS result after tax by euro 95.7 million in the fourth quarter of 2012.

      Stock exchange listed issues of participation capital issued by Österreichische Volksbanken-Aktiengesellschaft:

      ISIN:

      AT0000755665 Österreichische Volksbanken-AG Partizipationsscheine
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued on a fiduciary basis by Banque de Luxembourg)

      The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume:

      ISIN:
         
      AT000B115704
      AT000B053442
      AT000B056544
      AT000B058011
      AT000B057492

      The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges:

      Regulated unofficial market of Wiener Börse AG
      Official trading of Wiener Börse AG
      Regulated market of the Luxembourg Stock Exchange
      Open Market of Berlin Stock Exchange
      Open Market of Stuttgart Stock Exchange
      Open Market of Frankfurt Stock Exchange

      Contact details:
      Österreichische Volksbanken-Aktiengesellschaft
      Walter Gröblinger
      Tel. +43 664 8163732
      walter.groeblinger@volksbank.com

    3. Österreichische Volksbanken-Aktiengesellschaft publisches the results of the offer to exchange supplementary notes (23 July 2013)
    4. Österreichische Volksbanken-Aktiengesellschaft announces invitation to make offers to exchange certain supplementary notes (26 June 2013)
  • 2012

    1. Announcement of result of Subordinated Lower Tier II Notes tender offer (19 December 2012)
    2. Announcement of Subordinated Lower Tier II Notes tender offer (10 December 2012)
    3. VBAG expects negative result in single entity accounts for 2012 / no interest payments on supplementary capital until 2015 (for the year 2014) (09 November 2012)

      The board of directors of Österreichische Volksbanken-Aktiengesellschaft (VBAG) announces that the single entity result (according to local GAAP) for the business year 2012 will be negative within a clearly double-digit million euro bandwidth.

      Due to different accounting rules between the single entity accounts (local GAAP) and the consolidated group accounts (IFRS), the latter will show a triple-digit million euro profit. Mainly responsible for the difference between the single entity result (local GAAP) and the IFRS result is the different accounting treatment and timely realization of the capital reduction on the participation capital issue 2008. Contrary to the single entity result, the participation capital issue 2008 is treated as a liability in the IFRS consolidated group accounts. The capital reduction on this instrument is therefore realized in the IFRS consolidated profit and loss statement as per September 28, 2012. In the single entity accounts the capital reduction was realized retroactively as per December 31, 2011.

      Due to the expected difficult economic environment and the resulting deductions on the run-down portfolio, interest payments on supplementary capital (Ergänzungskapital) should not be expected for the years 2013 and 2014.

      Stock exchange listed issues of participation capital issued by Österreichische Volksbanken-Aktiengesellschaft:

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Partizipationsscheine
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued on a fiduciary basis by Banque de Luxembourg)

      The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume:

      ISIN:            
      XS0417722393
      AT000B053442
      XS0275528627
      AT000B114905
      AT000B056544

      The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges:

      Regulated unofficial market of Wiener Börse AG
      Official trading of Wiener Börse AG
      Regulated market of Baden-Württembergische Wertpapierbörse
      Regulated market of the Prague Stock Exchange
      RM-SYSTÉM Czech Stock Exchange
      Regulated market of the Luxembourg Stock Exchange
      Open Market of Berlin Stock Exchange
      Open Market of Stuttgart Stock Exchange
      Open Market of Frankfurt Stock Exchange

    4. VBAG and Investkredit: European Commission approves state aid for Österreichische Volksbanken-AG and restructuring measures (19 September 2012)

      The European Commission has today (19 September 2012) approved the comprehensive restructuring plan developed by Österreichische Volksbanken-AG (VBAG) in the wake of the financial and economic crisis to restore long-term profitability. The approval encompasses measures that were introduced in 2009 as well as the support measures as agreed with the Republic of Austria in late April 2012 (write-down of participation capital held by the Republic by 70% plus a EUR 250 million recapitalisation).

      Under the newly-approved restructuring plan, the following measures have to be implemented by VBAG until 31 December 2017 (restructuring phase):

      •    VBAG's total assets will be gradually reduced to EUR 18.39 billion (EUR 30.49 billion as at 30 June 2012) and risk-weighted assets (RWA) are to be gradually reduced to EUR 10.08 billion (EUR 15.54 billion as at 30 June 2012).

      •    Core business will only include business areas that provide services to the regional Volksbanks (key focus: role as central institution of the association of Volksbanks and providing and distributing products and services to Volksbanks and their clients). Business areas that do not constitute core business are to be discontinued as stipulated in the restructuring plan.

      •    Disposal of holdings in Raiffeisen Zentralbank and the following companies:
      o    Volksbank Leasing International
      o    Volksbank Malta
      o    Investkredit International Bank, Malta
      o    Volksbank Romania

      •    Prohibition of dividend payments during the restructuring phase up to and including for the business year ending on 31 December 2017 (moratorium on dividend payments for shares, participation capital and participation capital certificates).

      •    No payments on performance-related equity instruments (such as hybrid financial instruments and non-voting equity securities/Genussscheine) are allowed, unless contractually or legally required.

      Supplementary capital (upper tier II bonds) issued by VBAG and Investkredit are not affected by the moratorium.

      VBAG is also required to take all necessary measures to ensure that the Republic of Austria is fully relieved of its participation commitments until 31 December 2017 or immediately after that date.

      On 18 September 2012, the Austrian Financial Market Authority approved the new association of Volksbanks (Kreditinstitute-Verbund) pursuant to Section 30a of the Austrian Banking Act, which means that now all requirements for establishing the new association comprising the regional Volksbanks and VBAG as the central body are met.

      The measures concluded at the end of April and approved by the Annual General Meeting on 26 April 2012 are due to be entered in the commercial register and therefore take legal effect at the end of September. Those measures are:

      (i)    Write-down of VBAG shares and participation capital by 70% and VBAG capital increase of EUR 484 million, subscribed by the Republic of Austria (EUR 250 million) and Volksbanks (EUR 234 million);

      (ii)    Merger of Investkredit Bank AG with VBAG which is the acquiring company and sole legal successor.

      All measures will be applied retroactively, with effect from 31 December 2011.

      Stock exchange listed participation capital issued by Österreichische Volksbanken-Aktiengesellschaft

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Partizipationsscheine
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued by Banque de Luxembourg in its function as trustee)

      The five largest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume:

      ISIN:
      XS0417722393
      AT000B053442
      XS0275528627
      AT000B061437
      AT000B056544

      The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges:


      Regulated market of the Vienna Stock Exchange
      Official trading of the Vienna Stock Exchange
      Regulated market of Baden-Württembergische Wertpapierbörse
      Regulated market of the Prague Stock Exchange
      RM-SYSTÉM Czech Stock Exchange
      Regulated market of the Luxembourg Stock Exchange
      Open Market of Berlin Stock Exchange
      Open Market of Stuttgart Stock Exchange
      Open Market of Frankfurt Stock Exchange

      The five largest listed issues of Investkredit Bank AG in terms of issue volume:

      ISIN:
      AT0000A0SNL2
      AT0000A0SNJ6
      AT0000A0SNG2
      AT0000A0SNF4
      AT0000A0SNH0

      Hybrid capital issues of Österreichische Volksbanken-Aktiengesellschaft and Investkredit Bank AG:

      XS0201306288 EUR 250,000,000 Fixed/Floating Rate Non-cumulative Non-voting Preferred Securities
      DE0009576108 Investkredit Funding Ltd. Subordinated Noncumulative Limited Recourse Notes 2002

    5. VBAG and Investkredit: Result of IK Funding tender offer (29 June 2012)

      ÖSTERREICHISCHE VOLKSBANKEN–AG AND INVESTKREDIT ANNOUNCE RESULTS OF INVITATION FOR OFFERS TO SELL NOTES NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO ANY PERSON RESIDENT AND/OR LOCATED IN THE UNITED STATES OR TO ANY U.S. PERSON (29 June 2012) On 14 June 2012, Österreichische Volksbanken–Aktiengesellschaft ("ÖVAG") and Investkredit Funding Ltd ("Investkredit") announced that ÖVAG was inviting holders of the €50,000,000 subordinated non-cumulative Limited Recourse Notes (ISIN: DE0009576108 and WKN: 957 610) issued by Investkredit on 28 November 2002 (the "Notes") to offer to sell any and all of their Notes to ÖVAG for cash (the "Invitation"). The terms and conditions of the Invitation are set out in the Invitation Memorandum dated 14 June 2012 (the "Invitation Memorandum"). Capitalised terms used in this announcement have the meanings ascribed to them in the Invitation Memorandum. Invitation The Invitation expired at 5 p.m., CET, on 28 June 2012. ÖVAG intends to accept for purchase all Notes validly offered for sale. Accordingly, ÖVAG accepts for purchase €24,931,000 in aggregate nominal amount of the Notes. Noteholders whose offers to sell have been accepted by ÖVAG will receive €400 per €1,000 nominal amount of the Notes and the Accrued Interest Payment, in immediately available funds in cash on the Settlement Date. Following the completion of the Invitation, the aggregate nominal amount of the Notes that will remain outstanding will be €25,069,000. The Settlement Date is expected to be 4 July 2012.

      Stock exchange listed issues of participation capital issued by Österreichische Volksbanken-Aktiengesellschaft:

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Partizipationsscheine
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates

      The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume:

      ISIN:                  
      XS0451759012
      XS0417722393
      AT000B053442
      XS0275528627
      AT000B061437

      The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges:

      Second Regulated market of Wiener Börse AG
      Official trading of Wiener Börse AG
      Regulated market of Baden-Württembergische Wertpapierbörse
      Regulated market of the Prague Stock Exchange
      Regulated market of the Luxembourg Stock Exchange
      Open Market of Berlin Stock Exchange
      Open Market of Stuttgart Stock Exchange
      Open Market of Frankfurt Stock Exchange

    6. VBAG: Result of ÖVAG Finance Jersey tender offer (15 June 2012)

      ÖSTERREICHISCHE VOLKSBANKEN–AG AND ÖVAG FINANCE (JERSEY) LIMITED ANNOUNCE RESULTS OF INVITATION FOR OFFERS TO SELL PREFERRED SECURITIES AND SOLICITATION OF CONSENTS (15 June 2012)

    7. VBAG and Investkredit: Announcement regarding repurchase of hybrid capital (14 June 2012)

      Ad-hoc release 14 June 2012

    8. VBAG: Announcement of repurchase of hybrid capital (22 May 2012)

      Ad-hoc release 22 May 2012 – ÖVAG Finance (Jersey)

    9. VBAG and Investkredit: Announcement of repurchase of hybrid capital (22 May 2012)

      Ad-hoc release 22 May 2012 – Investkredit Funding

      Download documents:

    10. VBAG: Strategic corporate decision - clarification (28 February 2012)

      For clarification purposes VBAG announces that due to the strategic corporate decision agreed by the Republic of Austria, the owners and VBAG to approve a cut in capital effective 31 December 2011 and to reduce the participation capital held by the Republic of Austria not more than 70 %, this cut in capital will as well affect the investors of other  participation capital issues of VBAG (ISIN AT0000755665, XS0359924643 and AT0000A018V0). These issues will be reduced by the same ratio as the participation capital held by the Republic of Austria.

      Stock exchange listed issues of participation capital issued by Österreichische Volksbanken-Aktiengesellschaft:

      ISIN:

      AT0000755665 Österreichische Volksbanken-AG Partizipationsscheine
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital
      Certificates

      The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume:

      ISIN:                 

      XS0451759012   
      XS0417722393   
      XS0412533399   
      XS0271095357   
      AT000B053442

      The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges:

      Second Regulated market of Wiener Börse AG
      Official trading of Wiener Börse AG
      EUWAX segment of Baden-Württembergische Wertpapierbörse
      Regulated market of Baden-Württembergische Wertpapierbörse
      Regulated market of the Prague Stock Exchange
      Regulated market of the Luxembourg Stock Exchange
      Open Market of Berlin Stock Exchange
      Open Market of Stuttgart Stock Exchange
      Open Market of Frankfurt Stock Exchange

    11. VBAG: Strategic corporate decision - Republic of Austria and Volksbanks stabilise VBAG (27 February 2012)

      Österreichische Volksbanken-AG (VBAG), Deutsche Zentral-Genossenschaft, Ergo Versicherung AG, Raiffeisen Zentralbank AG, Österreichische Volksbanken Holding eGen, the Volksbanks and the Republic of Austria have concluded a joint agreement on the long-term stabilisation of VBAG.

      The agreement contains the following key points:

      • Investkredit is to be merged into VBAG retroactively as of 31 December 2011
      • the creation of a joint liability scheme (Haftungsverbund) in accordance with the new section 30a of the Austrian Banking Act, which still has to be passed into law by the Austrian Parliament.
      • DZ Bank, Ergo, RZB, Österreichischer Genossenschaftsverband and Volksbanken Holding will approve a cut in capital effective 31 December 2011 and ensure that the holding accounted for by the participation capital of the Republic of Austria is reduced to not more than 70%.
      • This capital decrease will also entail a capital increase of around €480 million. The capital increase will be performed by the Republic of Austria in the amount of €250 million and the Austrian Volksbanks in the amount of at least €230 million. The Volksbanks will remain the majority owner of VBAG.
      • Asset guarantee from the Republic of Austria for VBAG in the amount of €100 million with a fee of 10% from the time of a legally binding resolution by the Volksbanks to form a cooperative bank in accordance with section 30a BWG expiring 31 December 2017 at the latest.
      • The Volksbanks undertake to ensure and pay the fee for the asset guarantee issued by the Republic of Austria for VBAG. Furthermore, the Volksbanks will ensure the repayment of the participation capital of the Republic of Austria from the 2009 issue after the capital reduction as at 31 December 2011.
      • Presentation of a restructuring and reorganisation concept by the Management Board of VBAG.
      • In order to strengthen VBAG’s capital ratios, RZB will ensure best efforts in order to assist VBAG in its disposal of RZB shares and in any case guarantees to implement adequate measures that will improve capital ratios and liquidity at VBAG. DZ Bank and ERGO undertake to leave all liquidity held in VBAG Group unchanged until further notice. In particular, this relates to the refinancing of VB Romania and VB Leasing International by DZ Bank. In addition, DZ Bank will assume a portfolio of the Frankfurt branch of Investkredit in the amount of €400 million. RWA.

      Stock exchange listed issues of participation capital issued by Österreichische Volksbanken-Aktiengesellschaft:

      ISIN:

      AT0000755665 Österreichische Volksbanken-AG Partizipationsscheine
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital
      Certificates

      The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume:

      ISIN:                  

      XS0451759012   
      XS0417722393   
      XS0412533399   
      XS0271095357   
      AT000B053442

      The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges:

      Second Regulated market of Wiener Börse AG
      Official trading of Wiener Börse AG
      EUWAX segment of Baden-Württembergische Wertpapierbörse
      Regulated market of Baden-Württembergische Wertpapierbörse
      Regulated market of the Prague Stock Exchange
      Regulated market of the Luxembourg Stock Exchange
      Open Market of Berlin Stock Exchange
      Open Market of Stuttgart Stock Exchange
      Open Market of Frankfurt Stock Exchange

  • 2011

    1. Österreichische Volksbanken-Aktiengesellschaft / Decisions of the European Council regarding core capital ratios and capital buffers/VBAG. (27 October 2011)

      The total capital buffer shortfall as calculated by the EBA for Österreichische Volksbanken-Aktiengesellschaft VBAG is 972 mn. EUR. This is a preliminary and indicative figure which is subject to change on the basis of end September data and will be reviewed by banks and supervisory authorities.  It is the revised, latter figure that will form the basis for any plans required to increase levels of capitalisation in the period to June 2012. Furthermore EBA in its press release yesterday takes into account the current restructuring process at VBAG and its withdrawal from the CEE area which has been set in motion with the sale of Volksbank International already. The board of directors of VBAG with these and further measures is undertaking all efforts in order to realise the required capital buffer per June 30, 2012.

      Stock exchange listed issues of participation capital issued by Österreichische Volksbanken-Aktiengesellschaft:

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Partizipationsscheine
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital
      Certificates

      The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume:

      ISIN:
      XS0451759012   
      XS0417722393   
      XS0412533399   
      XS0271095357   
      AT000B053442

      The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges:

      Second Regulated market of Wiener Börse AG
      Official trading of Wiener Börse AG
      EUWAX segment of Baden-Württembergische Wertpapierbörse
      Regulated market of Baden-Württembergische Wertpapierbörse
      Regulated market of the Prague Stock Exchange
      Regulated market of the Luxembourg Stock Exchange
      Open Market of Berlin Stock Exchange
      Open Market of Stuttgart Stock Exchange
      Open Market of Frankfurt Stock Exchange

    2. Oesterreichische Volksbanken-Aktiengesellschaft – anticipated loss in 2011 – information on planned de-merger and on measures to strengthen capitalization (13 October 2011)

      Since last year, Oesterreichische Volksbanken-Aktiengesellschaft (VBAG) has focused on the redesign of its business model and has evaluated strategic options. In particular, the major deterioration of the market environment for banks, the severe crisis on international financial markets as well as extraordinary impairment requirements on country risks, on participations, and from the sale of participations are expected to significantly affect VBAG’s results as well as its planned measures:

      • Annual loss (according to guidance) in the VBAG single entity financial statements is expected to amount to approximately EUR 900 million (+/- EUR 150 million depending on the development of the markets. We expect a loss ranging from EUR 500 million to EUR 750 million on the consolidated group level (IFRS). The main drivers are significant write-downs in the amount of EUR 700 million on the book value of the participations in Investkredit Bank AG and Volksbank Romania S.A. in the single entity accounts of VBAG.
      • The planned combination of VBAG and Investkredit Bank AG will not take place this year.
      • Currently no repayment of EUR 300 million participation capital held by the Republic of Austria.
      • Despite of the expected loss, capital ratios according to pillar I are clearly exceeding regulatory requirements. In addition, VBAG Group strengthened capital ratios through the sale of Volksbank International to Sberbank, resulting in an expected increase of the core capital ratio to 10.4% and a rise of the equity ratio to 13.7% by year end 2011.

      Currently the board of directors and the core shareholders of VBAG are discussing measures to strengthen VBAG’s capitalization. Part of these discussions is the modification of the Schultze-Delitzsch Genossenschaftsverbund in the form of a cooperation under Article 3 of the directive 2006/48/EC (part of the European application of Basel II) or the Article 9 of the CCR I draft (Capital Requirements Regulation I, which is the directly applicable regulatory part of the Basel III execution on the European level). A resolution to implement such modification was adopted today.

      Stock exchange listed issues of participation capital issued by Österreichische Volksbanken-Aktiengesellschaft:

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Partizipationsscheine
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital
      Certificates

      The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume:

      ISIN:
      XS0451759012   
      XS0417722393   
      XS0412533399   
      XS0271095357   
      AT000B053442

      The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges:

      Second Regulated market of Wiener Börse AG
      Official trading of Wiener Börse AG
      EUWAX segment of Baden-Württembergische Wertpapierbörse
      Regulated market of Baden-Württembergische Wertpapierbörse
      Regulated market of the Prague Stock Exchange
      Regulated market of the Luxembourg Stock Exchange
      Open Market of Berlin Stock Exchange
      Open Market of Stuttgart Stock Exchange
      Open Market of Frankfurt Stock Exchange

    3. Investkredit Bank AG: Information on the planned de-merger with Österreichische Volksbanken-Aktiengesellschaft (13 October 2011)

      The board of directors of Investkredit Bank AG announced today, that the planned transfer of the banking business of Österreichische Volksbanken-Aktiengesellschaft to Investkredit Bank AG by way of demerger (announced on April 15, 2011) will not be effected in 2011. Regarding a possible future combination of both companies no statement can be made at present.

      The following issues are the five largest issues of Investkredit Bank AG according to volume:

      ISIN:
      XS0220043367
      AT0000322458
      AT0000322722
      AT0000165873
      AT0000479027

      Issues of Investkredit Bank AG are listed on the following stock exchanges:

      Geregelter Freiverkehr der Wiener Börse AG
      Amtlicher Handel der Wiener Börse AG
      Geregelter Mart der Luxemburger Börse
      Open Market der Börse Frankfurt

    4. Österreichische Volksbanken Aktiengesellschaft – no payments on profit-related instruments for the 2011 business year (20 September 2011)

      The management board of Österreichische Volksbanken AG (VBAG) announces that due to the increasingly difficult economic environment a payment on profit-related instruments (shares, participation capital, hybrid capital and supplementary capital) in 2012 for the 2011 business year is unlikely from today´s viewpoint.                                                        
      According to a current forecast the main reasons for the profit warning are an increasingly difficult economic environment which negatively affected the valuation of participations (VB Romania), the sale of participations as well as an earnings forecast impacted by potential additional financial burdens (e.g. measures by the Hungarian government with respect to foreign currency loans).

      Stock exchange listed issues of participation capital issued by Österreichische Volksbanken-Aktiengesellschaft:
      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Partizipationsscheine
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates

      The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume:
      ISIN:
      XS0451759012
      XS0417722393
      XS0412533399
      XS0271095357
      AT000B053442

      The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges:
      Regulated unofficial market of Wiener Börse AG
      Official trading of Wiener Börse AG
      EUWAX segment of Baden-Württembergische Wertpapierbörse
      Regulated market of Baden-Württembergische Wertpapierbörse
      Regulated market of the Prague Stock Exchange
      Regulated market of the Luxembourg Stock Exchange
      Open Market of Berlin Stock Exchange
      Open Market of Stuttgart Stock Exchange
      Open Market of Frankfurt Stock Exchange

    5. Owners of VBI and Sberbank Signed Acquisition Agreement in Vienna (08 September 2011)

      The owners of Volksbank International AG (VBI) and the representatives of the Sberbank of Russia (Sberbank) signed an agreement relating to the acquisition of the VBI Group today in Vienna. Until now, Österreichische Volksbanken-AG (VBAG) has held a 51% shareholding in VBI, whereas the German banking groups DZ BANK AG / WGZ BANK AG and the French BPCE S.A. have each held a 24.5% stake in VBI. With the signing of the agreement, Sberbank agreed to acquire a 100% stake in Volksbank International AG. VB Romania is not included in the transaction. The deal price will be 1.0x VBI equity (excluding VB Romania) ranging from EUR 585 million to EUR 645 million depending on business performance of VBI in 2011. In addition to the sales price, Sberbank will assume financings provided by the current owners in an amount of almost EUR 2.5 billion. Also at closing, VBAG or a group of banks led by VBAG will provide Sberbank with five-year funding in an amount of EUR 500 million. Closing of the transaction is expected by the end of the year – after certain conditions precedent are fulfilled.

      Stock exchange listed issues of participation capital issued by Österreichische Volksbanken-Aktiengesellschaft:
      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Partizipationsscheine
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital
      Certificates

      The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume:
      ISIN:
                        
      XS0451759012   
      XS0417722393   
      XS0412533399   
      XS0271095357   
      AT000B053442

      The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges:
      Regulated unofficial market of Wiener Börse AG
      Official trading of Wiener Börse AG
      EUWAX segment of Baden-Württembergische Wertpapierbörse
      Regulated market of Baden-Württembergische Wertpapierbörse
      Regulated market of the Prague Stock Exchange
      Regulated market of the Luxembourg Stock Exchange
      Open Market of Berlin Stock Exchange
      Open Market of Stuttgart Stock Exchange
      Open Market of Frankfurt Stock Exchange

    6. Österreichische Volksbanken Aktiengesellschaft – Profit warning (25 August 2011)

      Österreichische Volksbanken Aktiengesellschaft – Profit warning

      VBAG result half year 2011: Group result declining as a result of write downs on sovereign risk.
      The management board of Österreichische Volksbanken AG (VBAG) announces, that group operating result for the half year 2011 amounted to euro 199 mio. Write downs on sovereign risk led to a group result before taxes of euro 11 mio.
      As a result of the difficult economic environment and of the current degree of implementation of VBAG´s “Strategy 2015” a payment or a full payment on dividend-carrying securities (shares and participation capital) in 2012 for the 2011 business year is unlikely from today´s viewpoint.

      Stock exchange listed issues of participation capital issued by Österreichische Volksbanken-Aktiengesellschaft:
      ISIN:
      AT0000755665 Österreichische Volksbanken-AG Partizipationsscheine
      XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates

      The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume:
      ISIN:
         
      XS0451759012 
      XS0417722393 
      XS0412533399 
      XS0271095357 
      AT000B053442

      The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges:
      Regulated unofficial market of Wiener Börse AG
      Official trading of Wiener Börse AG
      EUWAX segment of Baden-Württembergische Wertpapierbörse
      Regulated market of Baden-Württembergische Wertpapierbörse
      Regulated market of the Prague Stock Exchange
      Regulated market of the Luxembourg Stock Exchange
      Open Market of Berlin Stock Exchange
      Open Market of Stuttgart Stock Exchange
      Open Market of Frankfurt Stock Exchange

    7. Österreichische Volksbanken-AG publishes result of EBA stress test (15 July 2011)

      Oesterreichische Volksbanken-AG publishes result of EBA stress test

      Oesterreichische Volksbanken-AG (VBAG) participated in the EU-wide bank stress test conducted by the European Banking Authority (EBA). VBAG´s unstressed, baseline core tier I ratio as of 31 December 2010 is 6.4%. In the simulated worst case scenario the core tier I ratio would be 4.5% as of 31 December 2012 which is 0.5 percentage points below the benchmark defined by EBA. Taking into account the measures that are currently being implemented, the core tier I ratio as of 31.12.2012 is 6.6%. When capital instruments which are loss-absorbing according to the Austrian banking law are also fully factored in, the stressed tier I ratio is 9.8%.

      Contact for queries:
      Österreichische Volksbanken-AG
      Petra Roth
      Tel.: +43 664 6129223
      E-mail: petra.roth@volksbank.com

      Stock exchange listed issues of participation capital issued by Österreichische Volksbanken-Aktiengesellschaft:

      ISIN:
      AT0000755665 Österreichische Volksbanken-AG
      PartizipationsscheineXS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates

      The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume:

      ISIN:  
      XS0451759012
      XS0417722393
      XS0412533399
      XS0271095357
      AT000B053442

      The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges:

      Regulated unofficial market of Wiener Börse AG
      Official trading of Wiener Börse AG
      EUWAX segment of Baden-Württembergische Wertpapierbörse
      Regulated market of Baden-Württembergische Wertpapierbörse
      Regulated market of the Prague Stock Exchange
      Regulated market of the Luxembourg Stock Exchange
      Open Market of Berlin Stock Exchange
      Open Market of Stuttgart Stock Exchange
      Open Market of Frankfurt Stock Exchange

    8. Resolution to transfer the banking business of Österreichische Volksbanken-Aktiengesellschaft (VBAG) to Investkredit Bank AG by way of de-merger planned for 19 May 2011. Core shareholders of VBAG intend to acquire EUR 300 million of participation capital held by the Republic. (15 April 2011)

      It is planned that in the General Assembly on 19 May 2011 a resolution will be passed on the transfer of VBAG´s banking business to Investkredit Bank AG by means of a proportional de-merger. The draft of the de-merger agreement stipulates (as set forth in detail in the agreement) that VBAG as transferor company intends to transfer its banking business to Investkredit Bank AG as assuming company by way of an universal succession. The remaining EUR 700 million of the state participation capital will be transferred to Investkredit Bank AG. The company name of the unified bank will be changed to Österreichische Volksbanken-AG. The de-merger is subject to approval by the General Assemblies of both companies involved and by the FMA (Austrian Financial Market Authority).The de-merger will be legally effective when registered in the commercial register at the Vienna Commercial Court which is expected to take place in the second half of 2011.

      A separate notice will be published pursuant to the Austrian De-Merger Act regarding the disclosure of the de-merger agreement as required by law.

      The core shareholders of VBAG made the fundamental decision on 15 April 2011 to acquire in 2011 part of the participation capital of the Republic of Austria in an amount of  EUR 300 million. This decision is subject to final approval by the General Assembly in 2011 May.

      The five biggest listed issues of Investkredit Bank AG in terms of issue volume:

      ISIN:
      XS0220043367
      AT0000322458
      AT0000322722
      AT0000165873
      AT0000479027

      The issues of Investkredit Bank AG are admitted on the following stock exchanges:

      Regulated unofficial market of Wiener Börse AG
      Official trading of Wiener Börse AG
      EUWAX segment of Baden-Württembergische Wertpapierbörse
      Regulated market of Baden-Württembergische Wertpapierbörse
      Regulated market of the Prague Stock Exchange
      Regulated market of the Luxembourg Stock Exchange
      Open Market of Berlin Stock Exchange
      Open Market of Stuttgart Stock Exchange
      Open Market of Frankfurt Stock Exchange

  • 2010

    1. As part of new strategy VBAG evaluates sale of participations and issues guidance (07 December 2010)

      As part of new strategy VBAG evaluates sale of participations and issues guidance

      In accordance with its “Strategy 2015”, Österreichische Volksbanken-AG (VBAG) will be focusing on its core business. This includes VBAG’s function as the central institution of the Volksbank sector, the corporate business and the real estate activities. Austria and its neighbouring countries constitute the core regions for these activities. For business activities and participations which are not part of VBAG´s core business, various options are currently being evaluated. In this context, the Management Board resolved at today's meeting to review the possible sale of the stakes in Volksbank International AG and VB-Leasing International Holding GmbH and to initiate the respective process. The corresponding steps, which will take place over the course of the next few months and are to be supported by the mandated consultants, could result in the sale of these stakes.

      Guidance
      Based on its new strategy, the group plans to reach the following targets (according to IFRS) by 2015*:
      - Increase return on equity (RoE) to at least 10%
      - Maintain the tier 1 ratio (credit risk) at about 10%
      - Increase pre-tax earnings to at least EUR 125 million per year
      - Maintain the already significantly improved cost-income ratio at approximately 55%

      * Assumption: payments on the participation capital issued in 2008 are presented as dividend payments (as under Austrian GAAP).

      It is expected that dividend payments on the participation capital held by the Republic of Austria and all other profit-related instruments will be made from 2012 onwards (i.e. for the fiscal years 2011 onwards). The government participation capital is expected to be redeemed starting in 2011 as stipulated by the agreement.

      Stock exchange listed issues of participation capital issued by Österreichische Volksbanken-Aktiengesellschaft:
      ISIN:
      AT0000755665 Österreichische Volksbanken-AG
      PartizipationsscheineXS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates

      The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume:
      ISIN:
      XS0451759012 
      XS0417722393 
      XS0412533399 
      XS0271095357 
      AT000B053442

      The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges:
      Regulated unofficial market of Wiener Börse AG
      Official trading of Wiener Börse AG
      EUWAX segment of Baden-Württembergische Wertpapierbörse
      Regulated market of Baden-Württembergische Wertpapierbörse
      Regulated market of the Prague Stock Exchange
      Regulated market of the Luxembourg Stock Exchange
      Open Market of Berlin Stock Exchange
      Open Market of Stuttgart Stock Exchange
      Open Market of Frankfurt Stock Exchange

    2. Österreichische Volksbanken-Aktiengesellschaft: Strengthening of business model through sale of Europolis, merger with Investkredit Bank AG (24 June 2010)

      Österreichische Volksbanken-Aktiengesellschaft: Strengthening of business model through sale of Europolis, merger with Investkredit Bank AG

      Österreichische Volksbanken-Aktiengesellschaft (VBAG) and CA Immo AG have agreed on the sale of 100% of shares in the VBAG subsidiary Europolis AG to CA Immo. The Management Board and Supervisory Board of ÖVAG approved the sale in their meetings today. CA Immo AG will pay € 272 million for all shares in Europolis AG. Among other things, the sale is subject to the suspensive conditions of approval by the responsible authorities and the implementation of internal restructuring measures agreed within the Group. To further streamline the Group’s structure, the Management Board and Supervisory Board of VBAG today resolved to combine the banking operations of VBAG and those of Investkredit Bank AG. Details of the combination will be analysed and drawn up in the coming weeks. Legal implementation will occur in the first half of 2011. The implementation of these strategic options will serve to further strengthen the business model of VBAG.

      Stock exchange listed issues of participation capital issued by Österreichische Volksbanken-Aktiengesellschaft:

      ISIN: AT0000755665 Österreichische Volksbanken-AG Partizipationsscheine XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates (issued on a fiduciary basis by Banque de Luxembourg)

      The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume:

      ISIN: XS0451759012 XS0417722393 XS0412533399 XS0271095357 AT000B053442

      The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges:

      Regulated unofficial market of Wiener Börse AG Official trading of Wiener Börse AG EUWAX segment of Baden-Württembergische Wertpapierbörse Regulated market of Baden-Württembergische Wertpapierbörse Regulated market of the Prague Stock Exchange Regulated market of the Luxembourg Stock Exchange Open Market of Berlin Stock Exchange Open Market of Stuttgart Stock Exchange Open Market of Frankfurt Stock Exchange

    3. Österreichische Volksbanken-Aktiengesellschaft – Repositioning in 2010 (26 January 2010)

      Österreichische Volksbanken-Aktiengesellschaft – Repositioning in 2010

      During the business year 2009, Österreichische Volksbanken-AG (VBAG) has introduced comprehensive restructuring measures. One of these was the sale of the retail subsidiaries VB Wien, Immobank, Ärztebank and VB Linz-Mühlviertel to the Volksbank sector which has been put on track successfully. During the Group´s repositioning in 2010 VBAG continues with the implementation of further measures. A formal process to evaluate all strategic options including strategic partnerships was established. Lazard & Co GmbH was mandated to accompany VBAG in this evaluation process.

  • 2009

    1. The Managing Board of Österreichische Volksbanken-Aktiengesellschaft discloses (10 December 2009)

      In the course of today’s Managing Board meeting and Supervisory Board meeting respectively, the boards passed the resolution to sell 3 subsidiaries of Österreichische Volksbanken-AG (Volksbank Wien-AG, Bank für Ärzte und freie Berufe-AG, Immobank-AG) unless otherwise provided in the pending agreement to be given by the Austrian Financial Market Authority by the end of 2009. Unless otherwise provided in the pending agreement to be given by the Austrian Financial Market Authority (FMA) a majority stake in Volksbank Linz Mühlviertel reg. Gen. mbH, will be sold as well. This sale is expected to generate sales proceeds in total of some EUR 210 million.

    2. Österreichische Volksbanken-Aktiengesellschaft - Profit warning (27 July 2009)

      With a view to the semi-annual report of Österreichische Volksbanken-AG currently being drawn up and following notification of the rating of Baa1/E+ released by Moody´s on 24 July 2009, we can no longer expect a positive result for 2009. Our subsidiary Investkredit Bank AG likewise does not expect to post any profit for 2009. As a result, the dividends and coupons for the 2009 business year which are due for payment in 2010 for all profit-related securities of both institutions (equities, participation capital, hybrid capital, supplementary capital) will almost certainly not be paid out.

    3. Österreichische Volksbanken-Aktiengesellschaft - Q3 2009 result (06 November 2009)

      Q3 2009 result: Operating income of euro 307 million, consolidated net income falls to euro -607 million due to risk provisions

      The Managing Board of Österreichische Volksbanken-Aktiengesellschaft announced on 6 November 2009 that ÖVAG Group generated operating income of euro 307 million in the first three quarters of 2009. However, risk provisions and corrections in the valuation of participations drove down consolidated net income to euro - 607 million before tax as of 30 September 2009. Despite the negative result in the third quarter, ÖVAG on a Group basis has a core capital ratio of 8.5 %, which exceed the statutory minimum and an equity ratio of 11 %. For the fourth quarter, further effects are expected from the valuation of participations and the increase in risk provisions, but to a lesser extent than in the third quarter. Due to the continuing difficult economic environment, a distribution in 2011 for the 2010 fiscal year on profit-related securities is unlikely from today’s viewpoint. Publication of the final 2009 results is planned for April 2010. Date: 6 November 2009 Address: Österreichische Volksbanken-AG, Kolingasse 19, 1090 Vienna, Austria

      The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume:

      ISIN: XS0451759012 XS0417722393 XS0412533399 XS0271095357 AT000B053442

      The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges:

      • Regulated unofficial market of Wiener Börse AG
      • Official trading of Wiener Börse AG
      • EUWAX segment of Baden-Württembergische Wertpapierbörse
      • Regulated market of Baden-Württembergische Wertpapierbörse
      • Regulated market of the Prague Stock Exchange
      • EURONEXT of the Amsterdam Stock Exchange
      • Regulated market of the Luxembourg Stock Exchange

  • 2008

    1. Republic of Austria takes over Kommunalkredit (03 November 2008)

      Volksbank AG and Dexia surrender all shares – Dexia Kommunalkredit Bank (CEE subsidiary) goes to Dexia

      After a week of intensive negotiations, a decision was made today regarding the future of Kommunalkredit Austria AG. Volksbank AG will surrender all of its shares (50.78%) in Kommunalkredit. These will be taken over by the Republic of Austria.

      “This solution ensures that Kommunalkredit Austria will be sustainably stabilised and will also have sufficient liquidity and capital strength during the further course of the financial crisis, in order to continue successfully financing Austrian municipalities and other institutions governed by public law”, commented Franz Pinkl, Chief Executive of Volksbank AG, on the result of the negotiations. “With this step, the Republic of Austria is following the approach of other European states with public financiers".

      The negotiations between the Ministry of Finance, Kommunalkredit and their owners, Dexia Crédit Local, Volksbank AG and the Austrian Association of Municipalities [Gemeindebund] have provided the following results, in detail:

      • The shares held by Dexia and VBAG in Kommunalkredit are to be transferred to the federal government for a total consideration of EUR 2. With this, the federal government will hold 99.78 percent of Kommunalkredit in the future. Until further notice, the Austrian Association of Municipalities will remain a shareholder, with 0.22 percent of the shares.

      • Dexia and VBAG will be obligated to strengthen the capital of Kommunalkredit and underwrite participation capital, as an owners’ contribution.  For VBAG, this means a share of EUR 173 million. A share of EUR 200 million in participation capital is attributable to Dexia. The participation capital is to be furnished with a dividend of 8 percent and is to be granted for a term of at least 5 years. Through these measures and additional equity capital from the federal government, the core capital ratio of Kommunalkredit will be increased to 8 to 9 percent. VBAG and Dexia will issue guarantees for possible future losses in Kommunalkredit. Confidentiality has been agreed regarding the amount of the respective guarantees.

      • The Kommunalkredit shares of 49.16 percent in Dexia Kommunalkredit Bank (DKB) will be transferred to Dexia for EUR 1. No further liability obligations will arise from the surrender of DKB for KA.

      • The Republic of Austria will ensure that Kommunalkredit has sufficient liquidity by guaranteeing future issues of Kommunalkredit.

    2. Volksbank AG strengthening its capital base (03 November 2008)

      Core capital is increased to at least 9%

      At today’s Supervisory Board meeting it was resolved to strengthen the capital base of Volksbank AG. This will increase the core capital ratio to at least 9%. This value has established itself internationally as a benchmark for banks. The existing shareholders of Volksbank AG will participate in the capital increase to the necessary extent, and the utilisation of a government package is also being reviewed. “With the upcoming measures to strengthen capital we are sustainably strengthening our position in national and international competition, in a market environment that is known to be difficult. Surrendering the shares in Kommunalkredit Austria AG relieves VBAG’s financial situation. It means we can further expand our position as a reliable financing partner for private and corporate customers”, says the Supervisory Board of Volksbank AG.

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