Annual Report of Euram Bank Vienna 2012/2013

alternating expectations as to future monetary
policies across the Atlantic. Moreover,
major central banks further loosened
their already expansive monetary policy,
including a reduction of the key interest
rate in the Eurozone. Initially, these relaxing
measures led to a worldwide decrease
in the yield return on long-term bonds. In
May, however, interest began to rise again
worldwide based on positive economic
data. In addition, there was mounting expectation
that the US monetary policy
could probably be tightened sooner than
previously assumed. Towards the end of
the second quarter of 2013, however, the
US Federal Reserve’s confirmation that its
policy would remain accommodative in the
near future led to a slowdown and partial
reversal of the interest increase.
Despite the difficult economic environment,
we continued to meet the expectations
of our customers and were rewarded
with their confidence, thanks to the experience
and dedication of our staff and the
excellent performance in all our investment
strategies. Our prudent management
of the assets entrusted to us, our competence
and our long term experience in advising
our customers in all investment
matters have proven very successful in an
environment undergoing structural change.
The Private Banking division was strongly
affected by the resignation of a team of
client advisors. Our remaining dedicated
Private Banking team with the support of
the entire staff superbly coped with this
very difficult situation showing strong
commitment and enthusiasm. The Europportunity
Bond Fund managed by our
Asset Management department was awarded
with the best bond fund distinction
(5 stars) by “FWW Fundstars", an independent,
internationally renowned fund
rating agency. Our Card Payment Service
division continued its extremely profitable
development following a successful internal
restructuring in 2010. A project developed
with local partners was successfully
sold to an Austrian financial institution.
Our equity holding business was subject to
a fundamental restructuring process. The
planned sale of the 53.5% share in White-
Concierge Limited was successfully completed
during the business year 2012/2013.