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Stepic: claims that RZB’s strong performance last year was partly due to winning customers unhappy with HVB’s takeover of Bank Austria |
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Austria’s domestic banking sector may not be Europe’s biggest money maker, but it is becoming much more profitable thanks in large part to consolidation. This reached a peak in 2000 with the acquisition of Bank Austria (BA) by Germany’s HypoVereinsbank (HVB). Bank Austria had itself pushed the domestic consolidation process along three years earlier with its acquisition of rival Creditanstalt (CA).
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