BACA meaning in Business ?

Answer:

What is Bank Austria Creditanstalt mean?

UniCredit Bank Austria AG, better known as Bank Austria, is an Austrian bank, 96.35% owned by UniCredit Group based in Milan, Italy. The bank maintains an extensive network in Austria, with about 7,700 employees serving customers in some 300 branches. Bank Austria also served as UniCredit's intermediate holding company for the banking network in Central and Eastern Europe (until September 2016), a region where the Group is the clear market leader with about 3,900 branches in 19 countries. However, all the CEE subsidiaries were transferred to the parent company in September 2016. As per 2008, 85% of Bank Austria's total workforce is employed out of Austria.

Since 2007, Bank Austria is also responsible for all UniCredit affiliates in the European Union. Thus, Bank Austria inherited operation in 20 countries it had no representation before, of which even UniCredit had no activity. However, Bank Austria could not retrieve its business in Poland, where it had been well represented by BHP.

The 2000s saw the bank in the middle of substantial litigation around trustee Rudolfine Steindling's transfer of former East German, now German, money to her own accounts. In 2010 a Swiss court ruled that the predecessor Österreichische Länderbank had broken the law by aiding her to channel away the money and had to pay €240 million but a higher court overruled this decision on formal grounds.

Total assets of Bank Austria as at 31 December 2011 were EUR 199.2 billion. Bank Austria is the number one banking partner for Austrian companies:

80 per cent of large corporates37 per cent of medium-sized companies21 per cent of small businesses

have confidence in Bank Austria's services.

reference

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