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					         Österreichische Volksbanken-AG restructures Group

                    Subtitle: Integration process in record time

Vienna – Österreichische Volksbanken-AG (ÖVAG) has restructured its Group after
the acquisition of Investkredit Group, including Kommunalkredit. The new structure
consists of five segments: Corporates, Real Estate, Local Government, Domestic and
International Retail, and Treasury. On the whole, the individual fields of business are
represented by the individual subsidiaries. In future, all proprietary trading activities
will be performed by Österreichische Volksbanken-AG as the parent company. “With
the acquisition of Investkredit we have taken the unique opportunity to make a
developmental leap in Austria and our international markets. We made quick
decisions, we are pursuing a quick integration process, we are quick in the
implementation,” ÖVAG's CEO Franz Pinkl expressed his satisfaction at today’s
press conference.

Probably the most important change concerns the corporate lending segment, which
Investkredit Bank AG will manage in future for the Group at an operative level: This is
subdivided into the areas Medium-sized Corporates, Corporates and International
Business and will offer customers a greatly expanded product range. In addition, real
estate business will also be done by Investkredit Bank AG which manages real estate
financing and loans under the Investkredit trade name. Under the established trade
name of Immoconsult, real estate leasing and project development will be done;
Europolis will be responsible for Asset Management in the real estate segment.
Kommunalkredit Austria AG, the number 1 in public finance, changes from being
Österreichishe Volksbanken AG’s "granddaughter" to its subsidiary and, together with
Niederösterreichische    Landesbank     Hypothekenbank,      represents    strong   local
government financing within the Group.
Österreichische Volksbanken-AG, with its subsidiaries Volksbank Wien AG,
Volksbank Linz-Mühlviertel, Ärztebank and Immobank AG asserts its market position
in the domestic retail business.        In Central and Eastern Europe Volksbank
International AG is on the road of success. In the same region, VB-Leasing
International continues to operate product leasing.
The Treasury segment takes on a central function in Österreichische Volksbanken-
AG with the entire proprietary trading and capital markets.

All in all, Österreichische Volksbanken-AG has carried out a very tight schedule with
the acquisition of Investkredit Group and the resulting restructuring of its Group.
Starting with a 3.5% investment in Investkredit at the end of 2004 ÖVAG became the
largest individual shareholder of the specialist bank in February 2005 with around
45%. In July 2005 ÖVAG took over the majority with roughly 98%: Since the end of
November – after a successful squeeze out – it holds all shares and today it can
already present a new Group structure.       The personnel changes will already be
effected by March 2006, the resettlement of a total of 120 employees has in part
already been done or will be take place at the beginning of April.       “The quick
integration in the record time of only eight months shows that Österreichische
Volksbanken-AG and the Investkredit Group supplement each other perfectly. There
were only a few two-track issues to be clarified, and that has already been done,”
explained Chief Executive Officer Pinkl, who also formulated clear targets that he
would like to have reached with the new ÖVAG Group by the year 2010: Profit on
ordinary activities should increase to EUR 500 m, regarding return on investment he
is aiming at a value of more than 15%, the cost-income-ratio, as an important key
figure for the cost structure, should be below 60%.

Please direct your questions to:
Gerlinde Maschler
Österreichische Volksbanken-AG
Head of Public Relations
Peregringasse 3, 1090 Vienna, Austria,
Phone: +43(0)50 4004 - 3864
Fax: +43(0)50 4004 - 83864

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