Bloomberg News

Volksbanken Appoint Former Bawag Manager Stephan Koren New Chief

July 17, 2012

Oesterreichische Volksbanken AG (VBPS), the Austrian lender partially nationalized earlier this year, appointed Stephan Koren Chief Executive Officer as of Sept. 1.

It also appointed Rainer Borns as Chief Operating Officer, Vienna-based Volksbanken said in a statement today.

Koren, 54, was deputy CEO of Bawag PSK Bank until 2011 and currently is the chairman of the agency that manages Austria’s nationalized banks and state aid.

Austria owns 43 percent of Volksbanken after a bailout agreed in February, with 62 local banks still owning a majority stake in the lender, which once was the country’s fourth- biggest. The bank has been led by Deputy CEO Michael Mendel since May, when the term of then CEO Gerald Wenzel expired.

Koren comes from Austria’s most famous banking families, with his father, who shares his name, heading the country’s central bank for 10 years until his death in 1988 and and his sister Elisabeth Bleyleben-Koren serving as deputy CEO of Erste Group Bank AG for nine years.

To contact the editor responsible for this story: Zoe Schneeweiss at zschneeweiss@bloomberg.net


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