The taming of Creditanstalt

A year after Bank Austria's deal to take over Creditanstalt, Gerhard Randa has cut the acquisition down to size. No more treasury, no more stand-alone overseas banking. Rump Creditanstalt is a domestic bank that will live or die on somewhat hollow competition. As David Shirreff reports, it's all rather a comedown for this once very blue-blooded bank.

A numbers man

Gerhard Randa, Austria’s undisputed number one banker, flanked by four senior colleagues, gives a rare audience to the Viennese press corps. Two of the sharpest ­ Stefan Janny of the weekly profil, and Margarete Freisinger of the out-of-town Salzburger Nachrichten ­ sit dead centre, cigarettes and other weapons at the ready.

Behind Randa is a tapestry depicting jousting knights on horseback in the main square of medieval Vienna. In the Bank Austria building today, in that same square, Randa is facing his least favourite opponents.

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