3 banks happy

Court rebuffs UniCredit in legal dispute

UniCredit and Oberbank have been at loggerheads for years.

(Bild: Krone KREATIV/REUTERS, Dietmar Tollerian)

The next round in the legal dispute between UniCredit and the 3 Banken Group and an important victory for Oberbank, BTV and BKS: the Vienna Higher Regional Court confirmed the decision of the Takeover Commission, which declared all of UniCredit's central accusations against the existing ring holding of the 3 banks to be unjustified.

For more than five years, only the lawyers between UniCredit and the 3-bank group comprising Oberbank, BTV and BKS have had their say. It is no longer clear to many outsiders which proceedings are still ongoing and what exactly is being disputed.

The fact is: UniCredit apparently wants to bring the three banks under its control and has therefore also sought a takeover procedure. However, the Takeover Commission rebuffed UniCredit back in November 2023. The Vienna Higher Regional Court has now confirmed this decision in the second instance.

"So far no proceedings and appeals omitted"
"However, we assume that UniCredit will still try to appeal to the Supreme Court, even if the existing decisions do not allow an ordinary appeal to the Supreme Court. So far, UniCredit has not skipped any proceedings or appeals," says Oberbank CEO Franz Gasselsberger, who is pleased that "another stake has been driven into the independence of Oberbank".

Supreme Court already involved in the case
The Supreme Court has already been involved in this legal dispute several times in the past: Regarding the structure of the 3-Bank Group and the admissibility of the capital increases, Oberbank was found to be right on all 22 points, as was emphasized in the course of the presentation of the balance sheet at the beginning of April.