Oberbank still sees a lot of potential in Hungary and Germany

Franz Gasselsberger, the long-time head of the Linzer Oberbank, is still in office. But his designated successor, Martin Seiter (41), was already able to present the half-year balance sheet for the current financial year. The Bad Ischl native, who is currently on the board responsible for corporate customer business among other things, will take over the management at the turn of the year.

“We have grown even closer together during this transition phase,” says Seiter, describing the mood in the bank. He wanted to present himself to the public like his predecessor – but he left it open about which topics. In any case, he is already jointly responsible for the bank’s “Strategy 2030”. The group relies on organic growth. “We don’t want to buy market shares, we want to win them through performance.”

In the first half of the year, Oberbank was able to increase its net profit from 179.2 to 199 million euros. “We didn’t expect this strong result,” said Seiter. “The second quarter was outstanding and the third also got off to a very good start.” Due to the global political environment, “we will continue to operate on sight”. A precise outlook is therefore not possible.

“Extremely strong”

Pager cited the “extremely strong” operational business as the reasons for the good performance; the bank had increased both deposits and loans. On the other hand, the investments (BTV, BKS, voestalpine) developed well. And: “All of our regions have made a strong contribution.”

The board highlighted Hungary, where the institute has been represented since 2007 and now has 12 locations. “Hungary is outstanding, a sensation. I’m thrilled by the spirit of optimism that exists there. We have the feeling of being welcome again. That hasn’t been the case in recent years.” Of course, the bank tax is also an issue with the new government; discussions are ongoing. Seiter also announced an economic mission to the country led by the Oberbank for the coming year. The bottom line is that despite the tax, it is the most efficient market because all other costs are lower.

The second major growth market is Germany. “We are a medium-sized bank for medium-sized businesses. That doesn’t exist anywhere else in Germany. That’s exactly where we come in.” The takeover of Commerzbank by UniCredit is “a lottery pick” for Oberbank. The banks would be busy with the merger in the near future and would have no time for their customers. And would then respond even less to the needs of medium-sized businesses. The bank currently has 45 locations in ten federal states. In the next few years, Seitr wants to open up to six new locations in North Rhine-Westphalia.

The balance sheet total will soon exceed the 30 billion euro threshold. This means that the Oberbank is directly audited by the ECB. “This is another quality criterion for us. We are very well prepared for it.”