Stages in Creditanstalt's "privatization"
1 The voting shares held by AVZ (Anteilsverwaltung Zentralsparkasse) and Wiener Holding in Bank Austria will be reduced to below 25% within five years (through exchange of shares or capital increase or sale). The voting rights of the excess holding will temporarily be exercised by trustees. When opportunities arise in the market, it is intended to reduce this percentage to below 20% within a further two years. From the sixth year onwards, the portion of voting rights in excess of 20% will also be exercised by trustees.
2 Sale of the Republic of Austria's 19% interest in Bank Austria in 1997 to as many private investors as possible.
3 Creditanstalt will remain an independent company for a period of at least five years (except partial functions Teilfunktionen).
4 Jobs within Creditanstalt will be preserved. Staff reduction only through natural attrition.
5 Rearrangement of holdings in Österreichische Investitionskredit AG and Österreichische Kontrollbank AG through sale of shares held by Creditanstalt less those held by GiroCredit AG to other shareholders and offer for sale by AVZ of all shares held in GiroCredit with a view to selling them as soon as possible.