Country Awards for Excellence 2014: Western Europe

Substantial exposure to Russia and Ukraine combined with an unorthodox decision by the Austrian government in June to bail-in subordinated bondholders in nationalized bank Hypo Alpe Adria have not exactly helped bring stability back to the country’s banking sector. Indeed, the crisis in Ukraine and the government’s intervention have brought fresh turbulence to an already challenging year for Austrian banks. The bank however, that has shown greatest resilience, growth and development amid such a difficult domestic and regional environment for banking is UniCredit Bank Austria.