24.04.2019 ‐ Presse
No motion for a special audit submitted by UniCredit Bank Austria for Oberbank AGM
UniCredit, in its role as a minority shareholder, has submitted a motion for a special audit for the Annual General Meeting of BKS Bank to be held on 8 May 2019.
The motion calls for a review of the lawfulness of all BKS capital increases since 1994. In short, UniCredit poses the question whether the cross-participation of the 3 banks in their respective capital increases is admissible.
UniCredit has not submitted any such motion for a special audit for the Annual General Meeting of Oberbank scheduled for 14 May 2019.
However, this does not mean that the whole matter is off the table for Oberbank.
Given the interconnections between the 3 banks, a special audit of one of the three will also affect the other two. What is more, UniCredit may still opt to propose a corresponding motion directly at Oberbank’s Annual General Meeting.
Apparently UniCredit intends to gain control of Oberbank, BKS and BTV.
From a legal perspective, the arguments put forward by UniCredit are without substance.
The reciprocal stakes held by the 3 banks have, for 35 years now, been among the most frequently reviewed and best analysed ownership and shareholder structures in Austria.
Over the course of many years, the most renowned legal experts have examined them and confirmed that they do not give rise to any objections. The most recent such analysis was carried out within the scope of Basel III implementation.
Oberbank will continue to be a stable partner for employees, customers and shareholders alike. We will keep you up-to-date on any further news and developments.