The collapse of Austria’s coalition government has scuppered the latest attempt by the state to offload its controlling interest in Creditanstalt. The new government will face the same problems in maximizing the sale value of a bank trapped in a quagmire of jingoism and vested political interests.
How long does it take to privatize a bank? This may seem like a rather facile question to most of us, but not to the Austrians. In April 1991, the Austrian parliament passed a law permitting the privatization of Creditanstalt-Bankverein.
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