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The Company`s majority shareholder KA Finanz AG (former Kommunalkredit Austria AG) is reviewing options to discontinue the Company’s activities. During this period, the Company has agreed with the Central Bank of Cyprus to limit the Company’s activities in a way that until completion of such process Kommunalkredit International Bank will not carry out any new banking business, save for liquidity and risk management, and that KA Finanz AG will continue to provide the required liquidity to the Company to enable it to meet its senior commitments. Funding operations of the Company are limited to ECB tenders and liquidity provided by KA Finanz AG.
In the course of the restructuring of KA Finanz AG (formerly: Kommunalkredit Austria AG), the strategic part of the business has been de-merged into a separate entity, which has been renamed to Kommunalkredit Austria AG. The de-merger became effective as of 28 November 2009. The remaining entity - renamed to KA Finanz AG - is 100% shareholder of Kommunalkredit International Bank Ltd (KIB) and the Republic of Austria holds 99.78% (and the Austrian Association of Municipalities 0.22%) of the shares in KA Finanz AG.
Ad-hoc Announcement, 23 June 2009
Ad-hoc Announcement, 13 February 2009
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