BTV VIER LÄNDER BANK | Startseite - FORESIGHT · 2021. 1. 25. · Cost/income ratio 54.4 % 42.8 %...

FORESIGHT

BUSINESS REPORT 2014

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KEY INDICATORS 2014ADDRESSES

The BTV Group at a glance

INCOME in € million

2014 2013* Change in %

Net interest income 182.3 180.2 +1.1 %Loan-loss provisions in the credit business –29.0 –46.9 –38.1 %Net commission income 43.7 45.3 –3.4 %Operating expenses –139.6 –96.0 +45.4 %Other operating income/expenditure 30.0 –2.3 >–100 %Annual net profit before tax 89.8 86.3 +4.0 %Group net profit for the year 76.1 68.5 +11.0 %

BALANCE SHEET in € million

31.12.2014 31.12.2013* Change in %

Total assets 9,598 9,592 +0.1 %Loans and advances to clients after loan loss provisions 6,187 6,197 –0.2 %Primary funds 6,919 6,702 +3.2 % – of which savings deposits 1,176 1,176 +0.0 % – of which securitised debt including subordinated capital 1,392 1,282 +8.5 %Equity 1,004 933 +7.7 %Managed deposits 12,156 11,532 +5.4 %

EQUITY UNDER CRR (BWG PREVIOUS YEAR) in € million

31.12.2014 31.12.2013 Change in %

Risk-adjusted assets 6,213 6,055 +2.6 %Equity 930 964 –3.5 % – of which common equity (CET1) 796 n. a. n. a. – of which total core capital (CET1 and AT1) 796 807 –1.4 %Common equity Tier 1 ratio 12.81 % n. a. n. a.Core capital ratio 12.81 % 13.33 % –0.52 %-ppEquity ratio 14.97 % 15.93 % –0.96 %-pp

COMPANY KEY FIGURES in percentage points

31.12.2014 31.12.2013* Change in percentage

points

Return on equity before tax (RoE) 9.27 % 9.50 % –0.23 ppReturn on Equity after tax 7.86 % 7.54 % +0.32 ppCost/income ratio 54.4 % 42.8 % +11.6 ppRisk/earnings ratio 15.9 % 26.0 % –10.1 pp

RESOURCES Number

31.12.2014 31.12.2013 Change figure

Weighted average number of employees 1,195 793 +402Number of branches 38 37 +1

KEY INDICATORS FOR BTV SHARES 31.12.2014 31.12.2013*

Number of ordinary no par value shares 22,500,000 22,500,000Number of preference shares 2,500,000 2,500,000Top price of ordinary/preference share in € 21.90/18.00 19.50/16.60Bottom price of ordinary/preference share in € 19.50/16.50 17.30/15.45Closing price of ordinary/preference share in € 21.35/18.00 19.50/16.50Market capitalisation in € million 525 480IFRS EPS in € 3.04 2.74P/E ratio, ordinary share 7.0 7.1P/E ratio, preference share 5.9 6.0* In 2013 adjusted to the changed consolidation scope. Explanation: n.s. = not shown

Shareholder structure

BTV SHAREHOLDER STRUCTURE BY SIZE OF HOLDING

*) Shareholders who form part of the syndicate agreement.

37.53% CABO Beteiligungs GmbH, Vienna

13.59% BKS Bank AG, Klagenfurt *)

13.22% Oberbank AG, Linz *)

19.42 % Widely spread shareholdings

13.60% Generali 3 Banken Holding AG, Vienna *)

2.28% Wüstenrot Wohnungswirtschaft reg. Gen.mbH, Salzburg *)

BTV SHAREHOLDER STRUCTURE BY VOTING RIGHTS

*) Shareholders who form part of the syndicate agreement.

41.70 % CABO Beteiligungsgesellschaft GmbH, Vienna

15.10 % BKS Bank AG, Klagenfurt *)

2.53 % Wüstenrot Wohnungswirtschaft reg. Gen.mbH, Salzburg *)

10.46 % Widely spread shareholdings

14.69 % Oberbank AG, Linz *)

15.12% Generali 3 Banken Holding AG, Vienna *)

0.40 % BTV Private Foundation

0.36 % BTV Private Foundation

IMPORTANT DATES FOR BTV SHAREHOLDERSAnnual General Meeting 13 May 2014, 10.00 am, Stadtforum 1, Innsbruck

The dividend will be published on the BTV homepage and in the gazette of the Wiener Zeitung the day after the Annual General Meeting.

Ex-dividend date 22.05.2015Payment of dividend 26.05.2015Interim report as at 31 March 2015 Published on 22 May 2015 (www.btv.at)Interim Financial Report up to 30 June 2015 Published on 21 August 2015 (www.btv.at)Interim report as at 30 September 2015 Published on 27 November 2015 (www.btv.at)

Switzerland

Vienna

Tyrol

Baden- Württemberg

VBG

Alto Adige

Trentino

BavariaStuttgart

Munich

Ravensburg

Memmingen

Staad

InnsbruckDornbirn

KitzbühelWinterthur

Garmisch- Partenkirchen

Lienz

Nuremberg

Germany BTV LeasingVienna

Albertinaplatz Corporate clientsTegetthoffstraße 71010 WienT +43/(0)5 05 333-8723F +43/(0)5 05 [email protected]

Albertinaplatz Retail clientsTegetthoffstraße 71010 WienT +43/(0)5 05 333-8744F +43/(0)5 05 [email protected]

StaadHauptstrasse 199422 StaadT +41/71/85 810-10F +41/71/85 810-11 (Retail clients)F +41/71/85 810-12 (Corporate clients)[email protected]

Bavaria

Garmisch-PartenkirchenMohrenplatz 682467 Garmisch- PartenkirchenT +49/8821/75 26 85-0F +49/8821/75 26 85-7344Key indicators for btv shares

MemmingenFlach VillaBuxacher Straße 187700 MemmingenT +49/8331/92 77-8F +49/8331/92 [email protected]

MunichNeuhauser Straße 580331 MünchenT +49/89/255 44 730-8F +49/89/255 44 [email protected]

AugsburgNagahama-Allee 7586153 Augsburg T +49/821/59 980-8F +49/821/59 980-7144 [email protected] Nuremberg (from 5 January 2015)Gleißbühlstraße 290402 NurembergT +49/911/23 42 08-0F +49/911/23 42 [email protected]

Baden-Württemberg

Ravensburg /WeingartenFranz-Beer-Straße 11188250 WeingartenT +49/751/56 116-0 F +49/751/56 [email protected]

StuttgartIndustriestraße 470565 Stuttgart (Vaihingen)T +49/711/787 803-8F +49/711/787 [email protected]

BTV headquarters

Innsbruck Head OfficeStadtforum 16020 InnsbruckT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

Business area Retail clientsT +43/(0)5 05 333-1111F +43/(0)5 05 [email protected]

Business area Corporate clientsT +43/(0)5 05 333-1301F +43/(0)5 05 [email protected]

Business area Institutional clients and banksT +43/(0)5 05 333-1204F +43/(0)5 05 [email protected]

Service centreT +43/(0)5 05 [email protected]

Finance & controllingT +43/(0)5 05 333-1430F +43/(0)5 05 [email protected]

Corporate auditT +43/(0)5 05 333-1534F +43/(0)5 05 [email protected]

Credit managementT +43/(0)5 05 333-1361F +43/(0)5 05 [email protected]

Marketing and Communications T +43/(0)5 05 333-1403F +43/(0)5 05 [email protected]

Human resourcesT +43/(0)5 05 333-1464F +43/(0)5 05 [email protected]

Legal and corporate investmentsT +43/(0)5 05 333-1501F +43/(0)5 05 [email protected]

Switzerland

BludenzWerdenbergerstraße 146700 BludenzT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

BregenzKaiserstraße 336900 BregenzT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

Bregenz VorklosterMariahilfstraße 45 a6900 BregenzT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

DornbirnKlostergasse 86850 DornbirnT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

FeldkirchBahnhofstraße 86800 FeldkirchT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

GötzisIm Buch 66840 GötzisT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

WolfurtUnterlinden 236922 WolfurtT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

EhrwaldKirchplatz 21 a6632 EhrwaldT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

ImstDr.-Pfeiffenberger-Str. 186460 ImstT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

LandeckMalser Straße 346500 LandeckT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

ReutteUntermarkt 236600 ReutteT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

SöldenDorfstraße 316450 SöldenT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

TelfsAnton-Auer-Straße 26410 TelfsT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

KirchbichlCorporate clientsE3 Wirtschaftspark KirchbichlEuropastraße 86322 KirchbichlT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

KitzbühelVorderstadt No. 96370 KitzbühelT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

KufsteinOberer Stadtplatz 46330 KufsteinT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

MayrhofenHauptstraße 4406290 MayrhofenT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

SchwazInnsbrucker Straße 56130 SchwazT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

St. Johann in TirolDechant-Wieshofer-Str. 76380 St. Johann in TirolT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

WörglBahnhofstraße 186300 WörglT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

Innsbruck-DEZAmraser-See-Straße 56 a6020 InnsbruckT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

Innsbruck-Hötting*Schneeburggasse 76020 Innsbruck

Innsbruck-Mitterweg Mitterweg 9 6020 Innsbruck T +43/(0)5 05 333-0 F +43/(0)5 05 333-4025 [email protected]

Innsbruck- Olympisches DorfSchützenstraße 496020 InnsbruckT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

Innsbruck-SonnparkAmraser Straße 546020 InnsbruckT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

Innsbruck-StadtforumStadtforum 16020 InnsbruckT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

Innsbruck-WiltenLeopoldstraße 31 a6020 Innsbruck

Hall in TirolStadtgraben 196060 Hall in TirolT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

SeefeldKlosterstraße 3976100 SeefeldT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

VölsBahnhofstraße 38 a6176 VölsT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

LienzSüdtiroler Platz 29900 LienzT +43/(0)5 05 333-0F +43/(0)5 05 [email protected]

BTV VIER LÄNDER BANK

Tiroler Oberland and Außerfern

Tiroler UnterlandVorarlberg Innsbruck Stadt Innsbruck Land/East Tyrol

Addresses

* Only BTV service area

BTV Stadtforum6020 InnsbruckT +43/(0)5 05 333-2028F +43/(0)5 05 [email protected] www.btv-leasing.com

BregenzKaiserstraße 336900 Bregenz T +43/(0)5 05 333-6006F +43/(0)5 05 [email protected]

Albertinaplatz ViennaTegetthoffstraße 71010 Wien T +43/(0)5 05 333-8818F +43/(0)5 05 [email protected]

BTV Leasing Schweiz AGStaadHauptstrasse 199422 Staad T +41/71/85 810-74F +41/71/85 [email protected]

WinterthurZürcherstrasse 468400 Winterthur T +41/52/20 40 450F +41/71/85 [email protected]

BTV Leasing Deutschland GmbHGeschäftsstelle MünchenNeuhauser Straße 580331 München T +49/89/255 44 730-7542F +49/89/255 44 [email protected]

AugsburgNagahama-Allee 7586153 Augsburg T +49/821/59 980-7170F +49/821/59 [email protected] Nuremberg ~ (from 5 January 2015)Gleißbühlstraße 290402 NurembergT +49/911/23 42 08-7650F +49/911/23 42 [email protected]

Ravensburg /WeingartenFranz-Beer-Straße 11188250 Weingarten T +49/751/56 116-7231F +49/751/56 [email protected]

StuttgartIndustriestraße 470565 Stuttgart (Vaihingen) T +49/711/78 78 03-7450F +49/711/78 78 [email protected]

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ManageMent reportgroup FinanCiaL stateMents

Contents

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history and strategy 12retail clients 14Corporate clients 16institutional clients and banks 18Vienna 19switzerland 19

northern italy 20southern germany 20BtV Leasing 21the BtV brand 22

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Contents 01Letter from the Board 02introducing the BtV management 04

BTV head office and market chiefs 06 Milestones 2014 08

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economic environment 24Business trends 26Compliance and money laundering 37BtV employees 38

report on the internal control system for the financial reporting process 40shares and shareholder structure 42outlook 44

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Group financial statements 2014 47Balance sheet 50statement of comprehensive income 51statement of change in equity 52Cash flow statement 53 BtV group: notes 2014 54 accounting and valuation principles 54statement by the statutory representatives according to the stock exchange act 152

report from independent auditors 153report from the supervisory board 155BtV group - a 5-year overview 1573 Banks shareholder structure 159overview of 3 Banken group – group information 160imprint 161

BTV Business RepoRT 2014 |01

peter gaugg and Matthias Moncher jointly signed off their first BTV balance sheet about 20 years ago. „We had ambitious goals. We wanted to continue the growth path of our mentor Dr gerhard Moser († 2013), who sat on the BTV Board for 33 years.“

it was a time of change in an increasingly close-knit Europe. And in terms of its opportunities. There was a spirit of optimism. Europe became the major domestic market, austria joined the eu in 1995 and the EU introduced the euro in 2002. And what about BtV? it followed the needs of its customers that were carrying out their business increasingly internationally. In 2004 BTV opened its first foreign branch in switzerland and at the same time started to look after Italian customers. This was then fol-lowed by a move into Southern Germany in 2005. Today the „expansion markets“ belong to BTV, as do Tyrol and Vorarlberg. This is why the brand name has also been changed to BtV Vier LÄnDer BanK: our heart has been beating for a long time not only in tyrol and Vorarlberg, but also in Vienna, Switzerland, Southern Germany and Northern Italy.

The question is whether we can expand prudently. We can if we remain true to ourselves. Despite or even because of its progressive thinking, BtV has remained the same after 110 years: the best net-worked principal bank for small to medium-sized, export-oriented corporate clients and discerning retail clients in the most attractive economic area of Europe. BTV has done its utmost to look after our customers as equals, to be a genuine „sparring partner“ and thus exceed expectations. A service provider lives by the quality of its service. BTV nev-er wanted to differentiate based on the best price and become a mass supplier, rather it wanted to re-main a premium bank. To bridge the gap between meeting sophisticated demands and providing a reliable, local service. To enthrall our customers and grow their number by word of mouth.

This has been a success. It was bound to be, as BTV has always been able to act independently and autono-mously, quickly and flexibly as regards our corporate clients. Defending BTV‘s independence will also remain the ultimate objective in the next 110 years. As only then can we offer customised financial solutions. and only then will our business model remain as it is: customer commitment, enterprise and stability of value. There has not been a single change in strategy since BTV was founded in 1904. BTV has always been a corporate and asset management bank. BTV still holds its regionality in high esteem: this is where we are at home, this is where we know our way around, this is where we invest.

Continuity, regionality and a strong focus on custom-ers have a uniting effect. And on the Board. Thus, there has only been one change at the top of the company in the last 53 years. After 20 years the time was right again to consider a rigorously planned succession. The opportunity could not have been better: our dream successors of gerhard Burtscher, Mario pabst and Michael Perger will join the Board on 1 January 2016. gerhard Burtscher has worked at BtV for 26 years and has already been a Board member for one and a half years. Mario Pabst has been with the company for 25 years and Michael Perger 18 years. The three new Board members will uphold BTV‘s core pillars: independence, enterprise, refreshing conservatism and complete customer focus.

BTV‘s opportunities are becoming greater than ever before, because customers never used to scru-tinise a bank‘s security and stability so rigorously. they never used to be interested so fervently in our business model. BTV constantly benefits from this change in customer requirements.

We are grateful. For what was and what will be. 110 years of BTV, over 7,500 satisfied corporate clients and 110,000 discerning retail clients are more than a good basis.

together, we say thanK You,

Foresight

We have reached the end of two extremely successful decades. But this is only the beginning.

Mag. Matthias Moncher peter gaugg gerhard Burtscher

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MANAGEMENT REPORTGROUP FINANCIAL STATEMENTS

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Photographs of the Board and management (next page) taken by Nicoló Degiorgis. Born in Bolzano in 1985, this photographer has been exhibiting his work in FO.KU.S at the BTV Stadtforum since 2012. In 2014 Degiorgis published the books entitled Oasis Hotel and Hidden Islam, for which he has been awarded several prizes. www.nicolodegiorgis.com

02|03 BTV BUSINESS REPORT 2014

Introducing the BTV managementThe BTV management comprises the marketing managers for retail and corporate clients in all BTV markets and the managers of internal divisions. After the Board, the BTV management is the level of management that essen-tially promotes the implementation of the overall banking strategy and so reinforces the BTV brand as a model for its teams.

01 Member of the BTV Board of Directors

Mag. Matthias Moncher

02 Spokesman for the BTV Board of Directors Peter Gaugg

03 Member of the BTV Board of Directors Gerhard Burtscher

04 Representative of Board members*/ Retail clients division

Michael Perger

05 Representative of Board members*/ Finance & controlling

Mario Pabst

06 Service centre Michael Draschl

07 Corporate audit Richard Altstätter

08 Legal and corporate invest-ments Dr Stefan Heidinger

09 Human resources Mag. Ursula Randolf

10 Institutional clients and banks division Mag. Rainer Gschnitzer

11 Marketing & Communications Mag. Matthias Ampferer

12 Credit management Mag. Robert Walcher

13 Northern Italy Private Mag. Manuele Lussu

14 Corporate clients division Mag. (FH) Karl Silly

01 02 03 04 05 06 07 08 09 10 11 12 13 14

* as from 28.11.2014

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15 Kitzbühel-München Private Mag. Peter Kofler

16 Southern Germany corporate Dr Hansjörg Müller

17 Vienna corporate Mag. Martina Pagitz

18 Vienna private Josef Sebesta

19 Switzerland Mag. Markus Scherer

20 Tiroler Unterland corporate

Stephan Haas

21 Tiroler Oberland and Aus-serfern corporate

Michael Falkner

22 Vorarlberg corporate Mag. Michael Gebhard

23 Tyrol and Vorarlberg Private

Mag. Stefan Nardin

24 Tyrol and Vorarlberg Private

Bernd Scheidweiler

25 Innsbruck corporate Thomas Gapp

26 BTV Leasing Gerd Schwab

27 BTV Leasing Johannes Wukowitsch

28 C3 Logistik Mag. Elmar Schlattinger

29 3 Banks Insurance Brokers Wilfried Suitner

15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

04|05 BTV BUSINESS REPORT 2014

BtV head office and market chiefs

Corporate ClientsMag. (FH) Karl Silly

– Direct supervision corporate financing

Mag. Martin Krismer– Direct supervision payment

transactions rudolf oberleiter– Direct supervision interest,

currency and liquidity management

helmut pfurtscheller

retail ClientsMichael perger

– branch business harald gapp– productive investment Mag. Martin Mausser – asset management Dr Jürgen Brockhoff

BtV stadtforum headquarters

Credit managementMag. Robert Walcher

– germany and switzerland Corporate clients

Christoph Meister– austria and south tyrol Corporate clients MMMag. Johannes Öfner– retail clients Mag. Martin Schwabl – reorganisation management Mag. Paul Jäger

marketing and CommuniCationsMag. Matthias Ampferer

Corporate auditrichard altstätter

obmannCentral works CounCilharald gapp

ComplianCe and money laundering preventionMag. Martin RohnerManfred unterwurzacher

btv leasinggerd schwabJohannes Wukowitsch

Human resourCesMag. Ursula Randolf

– human resources support Friedrich Braito

institutional Clients and banksMag. Rainer Gschnitzer

– Client account management Mag. Bettina Lussu

legal and Corporate investmentsDr stefan heidinger

FinanCe & ControllingMario pabst

serviCe CentreMichael Draschl

– securities service sabine Dadak-nedl– payment and commerce Christine schurl

3 banks insuranCe brokersWilfried suitner

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BTV‘s Markets

tyrol and vorarlberg privateMag. Stefan NardinBernd scheidweiler

– innsbruck central Claudia Kaufmann– innsbruck West Mag. Eva-Maria Ringler – innsbruck east norbert peer– hall Kurt Moser– unterinntal and Zillertal robert Lang– St. Johann Markus Lanzinger– seefeld and garmisch-partenkirchen stefan glas– tyrolean oberland Wilfried gabl– ausserfern urs schmid

– Bludenz patrik Lauermann– Lake Constance Christof Kogler– rhine Valley Mag. Carmen Kresser-Wolf– Montfort hubert Kotz– Mobile housing construction Vorarlberg Manfred angermann

expert team

– productive investment expert team Dr peter strele – professions innsbruck edi plattner– Mobile housing construction tyrol Ludwig grolich– Co-support stadtforum Mag. Kerstin Schuchter

innsbruCk Corporate thomas gapp

– Key accounts and special financing– property, tourism and south tyrol Mag. Christoph Wenzl– sMes

tiroler oberland and ausserFern CorporateMichael Falkner

– imst– reutte andreas Wilhelm

tiroler unterland Corporatestephan haas

– Co-support Mag. Günter Mader

vorarlberg CorporateMag. Michael Gebhard

– Co-support evelin stöckler– sMes and tourism Mag. Benno Wagner– Key accounts and special financing Mag. Philipp Schöflinger

vienna privateJosef sebesta

– productive investment expert team– Liberal professions, Vienna Jürgen Jungmayer

vienna CorporateMag. Martina Pagitz

– Key accounts and special financing – real estate and project financing– small and medium-sized companies 1 Walter tacha– small and medium-sized companies 2 Mag. Nina Steinacher, M.BC.

nortHern italy privateMag. Manuele Lussu

– support for productive investment italy– Co-support italy– east tyrol private Manfred steurer

switzerland private Mag. Markus Scherer

– staad

switzerland CorporateMag. Markus Scherer – staad– Co-support Mag. (FH) Markus Hämmerle

kitzbüHel-münCHen privateMag. Peter Kofler

– Kitzbühel Mag. Michael Sommer– Munich– augsburg

soutHern germany CorporateDr hansjörg Müller

– Munich– augsburg– Memmingen tobias Bott – ravensburg andreas Kleiner – stuttgart stefan Fischer

|07 06 BtV Business report 2014

Milestones 2014

For 110 years, BtV has proved that this region is the best breeding ground for long-term, successful business activity. In 2014 BTV invested in new sites in Bludenz, Dornbirn, Winterthur, Memmingen and nuremberg, which will open in 2015 and 2016. BTV has been serving its customers in garmisch-partenkirchen since the autumn.

Only someone going his own way cannot be overtaken by anyone: BTV‘s employees followed this motto in 2014 too and made a strong impact.

institutionaL CLients anD BanKs• tyrol sent out an invitation: BtV invited austrian

and international banking partners to a networking and specialist event in Stubaital in Tyrol.

• networking by institutional clients: For the first time, BtV brought institutional clients together as part of a networking and specialist event at BTV Vienna.

• actively dealing with the german capital market: the institutional Clients and Banks division increased its presence among german banking partners to place BTV issues and promissory notes.

• strong network for partners: BtV maintains contacts with over 900 banking partners across the globe.

retaiL CLients• BtV is now also in garmisch-partenkirchen:

BtV investment experts now also serve their customers in Garmisch-Partenkirchen.

• top asset management: the asset managers increased the managed volume (strategic and Premium asset management) by 28%.

• Dynamic strategy asset management in ChF: With the Dynamic strategy asset management in ChF, customers used swiss francs as a crisis-proof currency.

• subordinate BtV loans: Customers made a long-term investment in BTV at attractive terms.

• excellent: For the austrian Dachfonds award, 3 Banken-generali Kag was awarded again for its asset management.*

• ‚firstfive‘ award: BtV ranked once again amongst the top five asset managers in the balanced risk class (12 and 60 months).*

• Clients make provisions: BtV was pleased to announce numerous new orders for its retirement planning products.

• Well insured: With its partner generali, BtV offered a highly flexible, lifelong pension plan – the Generali LifePlan.

• home construction/3-Banken Wohnbaubank ag: More than €140 million flowed into the creation of new housing space.

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* Awards and successes in the past do not guarantee success or continued growth in the future. More information at: www.btv.at/auszeichnungen.

Corporate CLients• number 1 export bank: For export fund financing,

BtV clearly ranked as number 1 among banks in Western Austria.

• securing foreign trade as a success factor: export-oriented small to medium-sized clients ordered about 30% more letters of credit. this was mainly observed in trade with Asia.

• growth in primary deposits: During the year BtV posted a rise in total premiums for corporate cli-ent business of around 10%.

• new funding guidelines: the new funding guidelines came into force on 1 July 2014. experts provide information on the comprehensive inno-vations by means of brochures, newsletters and mainly in numerous personal customer meetings.

• SEPA-fit: on 1 august 2014 BtV successfully switched some 7,500 corporate clients over to SEPA.

• Lfa global loan: By underwriting the Lfa global loan, BtV has ensured a favourable means of refinancing, which will benefit Bavarian SMEs.

• professional liquidity management: More and more corporate clients are entrusting their liquidity management to BTV.

Leasing• No. 1 leasing partner in Tyrol: Thanks to its financing

volume, BTV Leasing ranks no. 1 in Tyrol and no. 8 in Austria.

• Plus for financing: BtV Leasing exceeded €700 mil-lion in lease financing as a cash value.

• record for new business: For the first time BTV Leasing exceeded the €200 million mark for gross new business.

• also coming soon in nuremberg: BtV Leasing Germany is preparing a new site in Nuremberg.

• Capacity leasing completely on track: More and more customers would like to structure lease financing as flexibly as possible and the relevant demand accordingly. it is not only funicular railway companies that are therefore placing their trust in BTV capacity leasing.

08|09 BtV Business report 2014

BtV anD CuLture: ton haLLe• First epiphany concert in Vorarlberg: For the first

time, BTV organised an Epiphany concert in Ländle. the east tyrolean Musikbanda Franui delighted the audience. at the same time, stefan Dohr (cornet), guy Braunstein (violin) and ohad Ben-ari (piano) played at the ton halle in innsbruck with a festive programme of chamber music.

• toninton 2014: the ensemble Mo’ Blow, the Julian & roman Wasserfuhr Quartet and the trio Jou-bran delighted music fans at BTV Stadtforum.

• Jeunesse austria: Cellist Kian soltani and pianist ardita statovci gave a virtuoso performance of Romantic and modern works.

• BtV autumn concert: One of the world‘s great-est double bassists avishai Cohen played at the Ton Halle. he was accompanied by the fantastic pianist Nitai Hershkovits.

FO.KU.S PHOTO ART IN THE STADTFORUM• pentti sammallahti: FO.KU.S showcased a

retrospective of the work of the internationally renowned photographic artist from Finland – photographs taken over nearly 50 years and in numerous countries.

• Jim rakete: The „Stand der Dinge“ exhibition was originally developed by the german photogra-pher of the famous for the German Film Museum. FO.KU.S paid homage to film-makers.

• Elfie Semotan: FO.KU.S provided a deep insight into the multifaceted creation of the renowned Austrian photographer.

• Jörn Vanhöfen: the german photographer captures modern ruins of our time. Fascinatingly beautiful and alarmingly inescapable.

• nilbar güres: the photographs, videos and video installations of the istanbul-born artist address the violence and clichés of a patriarchal society.

proMoting taLent• talent management: in order to promote BtV

talents, the bank is offering an integrated training and development programme.

• 16th BtV Marketing trophy: Who has the greatest marketing talent in the country? BTV will find out.

• Dr Moser going europe foundation: a total of 94 commercial high school pupils are already looking forward to being sponsored for training in another European country.

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history and strategyretail clientsCorporate clientsinstitutional clients and banks Viennaswitzerlandnorthern italysouthern germanyBtV Leasingthe BtV brand


the history of the Bank für tirol und Vorarlberg ag began on the 8th of April 1904. On this day, the impe-rially and royally appointed allgemeine Verkehrsbank in Vienna received approval to set up a stock corpo-ration from the Austrian interior ministry. The bank bought the two banking houses „Payr & Sonvico“ in Innsbruck and „Ludwig Brettauer sel. Erben“ in Bregenz. The first directors of the new company were

the former company directors hans sonvico and Ferdinand Brettauer. Entry into the com-mercial register on the 18th of august 1904 was then only a formality – the ‚Bank für tirol und Vorarlberg‘ was born. BTV

experienced strong business expansion in its early years. Numerous branch openings in North and south tyrol and in Vorarlberg were the visible signs of growth. BTV‘s reputation among the population and in economic circles grew from year to year – BtV quickly established a firm place for itself.

the wonder of the inn at the end of the First World War, the european borders were redrawn and south tyrol given to ita-ly: whereupon BtV had to close its south tyrolean branches in 1922. Like Germany, Austria suffered from galloping inflation which had fatal effects for the Tyrolean and Vorarlberg economy. The popula-tion stormed the banks to remove their savings deposits. Unlike most of their competitors, BTV was able to pay the savings deposits to its customers immediately and survive these difficult times. BTV‘s company philosophy, which still applies today – of not making any risky speculations on financial markets – has proven itself. Due to its conserva-tive business policy, BtV was the only regional joint stock bank to survive the economic crisis and even emerged stronger from the 20th century due to the targeted takeover of domestic banks. The austrian press recently hailed BtV as the ‚Wonder from the Inn‘.

economic boomafter the second World War, gradual economic stabilisation created the financial foundations for reconstruction. By granting credit to regional companies, BTV specifically boosted the domes-tic economy which was then experiencing the „golden“ decades. In 1952, new associates joined BtV in the form of the Bank for upper austria and Salzburg and the Bank for Carinthia and Styria. today, oberbank, BKs Bank and BtV together form the 3 Bank Group. It stands for a voluntary union oriented towards democratic principles, which is more than ever considered an important partner of the domestic economy. For all three banks, this cooperation is a central component of their autonomy and independence.

true customer proximitythe BtV branch network was greatly expanded under the two executive boards of Dr gerhard Moser and Dr otto Kaspar in the 1970s and 1980s of the 20th century. With this step, BTV successfully made its endeavour „to be close to the customer“ and „to expand into the regions“ a reality. The personal relationship between the customer and employees was and is a central success factor for BTV. Since 1986, BtV has been the only austrian regional bank to be quoted on the Vienna stock exchange - ‚a giant leap for the alpine inhabitants‘, in the eyes of the Tyrolean artist paul Flora, who has captured this important event for BTV in his pictures.

european perspectivesBoth BTV directors Peter Gaugg and Mag. Matthias Moncher have been giving the bank new impetus since the latter half of the 1990s. Since 2014, as the third member of the board, gerhard Burtscher has reinforced the proven management duo. Gerhard Burtscher is responsible along with peter gaugg for the client business, whilst Mag. Matthias Moncher concentrates on the market consequences. BTV is a market leader in corporate and private client business in its key markets of Tyrol and Vorarlberg. However, as one of the highest revenue banks of austria, BtV also utilises the opportunities provided by contemporary

history and strategyBank for Tyrol and Vorarlberg. And Southern Germany. And Vienna. And Switzerland. And Northern Italy.

Over 110 years, BTV has grown from the regional bank to become BTV VIER LÄNDER BANK.

„With a consistent, customer-focused strategy, BtV has succeeded in overcoming all of the crises in the global and financial economy.“

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Europe. In 1989 the company underwent an expansion to Vienna, and in 2004, its 100th year of existence, it opened its first foreign branch in Staad am Bodensee in Switzerland. BTV was successfully launched onto the market in Bavaria and Baden-Württemberg in 2006. With its new brand name BtV Vier LÄnDer BanK (the Bank of Four Countries), which was introduced in 2011, BtV is demonstrating a pledge: namely, that its commitment in all four countries is sustainable and profitable. Thus, today BTV‘s heart is not only beat-ing in tyrol and Vorarlberg, but also passionately in Vienna, Bavaria, Baden-Wuerttemberg, switzerland and Northern Italy. In focus: BTV‘s clientsBTV‘s clients are at the heart of its strategy. Build-ing on their needs and desires, customer-friendly innovations are developed on an ongoing basis. With entrepreneurial spirit, BtV focuses on above-average performances, thus securing its long-term autonomy. Because of the mergers in the banking sector in past years, this autonomy has become an extraordinary advantage which is becoming ever rarer. BTV generates profits, has its outgoings in hand and masters technology to reinforce and further expand a good asset basis.

offering tailored solutionsWhether it involves investment, financing or other financial services – BTV‘s performance and above-average commitment impresses its clients. BTV‘s clients value the tailored solutions and competent advice. As well as its wide range of banking prod-ucts, BtV subsidiaries, holdings and cooperations also provide other bank-related services such as leasing or insurance. Over 900 banking partners are available to BTV for international transactions. BTV is also the official representative in the German

Chamber of Commerce and the switzerland-aus-tria-Liechtenstein Chamber of Commerce in tyrol and Vorarlberg – a service that is very much appre-ciated by our export-oriented corporate clients.

approaching and listening to clientsBtV is a regional service provider specialised in han-dling money. This is apparent from solutions which are individually tailored to the customer and first and foremost from the highly qualified employees who, with their specialist expertise, constitute BTV‘s most impor-tant possession. The customer structure primarily comprises family-owned medium-sized companies and demanding pri-vate clients. Fulfilling their needs and desires in the best possible way – that is what is near and dear to BTV. BTV employees therefore actively approach clients, not only to inform them but also to discover their needs. BTV wants to remain in business, not make business. Our task, which we fulfil prudently and sustainably, is not to maximise profit but to secure BTV‘s autonomy. BTV‘s clients benefit from this, especially in times like these.

„BTV‘s heart beats not only in tyrol and Vorarlberg today, but also in Vienna, southern germany, Switzerland and Northern Italy.“

today as then: a bank from the region for the region.


the Bank für tirol und Vorarlberg ag has expanded in the past decade beyond the borders of its core markets of tyrol and Vorarlberg and evolved into the BTV VIER LÄNDER BANK. The needs remain the same: highest quality, closeness to customers, confidence and the responsible handling of clients‘ money determine the BTV strategies. Cross-border opportunities must be utilised and the regional anchoring ensures optimal solutions as well as short and swift decision-making procedures. BTV‘s independence and autonomy provide a consid-erable benefit: the account managers only offer solutions which meet with clients‘ benefits and are comprehensible.

tried-and-tested principles lead to success – BtV strategic investmentthere is no patent formula – just as every individual is different, the same applies to investments. Just as every person has different personal circumstances, expectations and estimations of risk, they have one element in common: you always need to follow a certain strategy to invest successfully. The BTV

investment strategy is in line with the needs and require-ments of clients and provides a wide range of investment forms, from flexible savings products and custody accounts to asset management. That‘s because

the correct combination must initially be found by customers and account managers and then consist-ently implemented. Continuous active management ensures success.

good performance for BtV asset managementDespite a turbulent market environment, which was marked by geopolitical conflicts and the monetary policy of central banks, BtV asset management was able to achieve a pleasant performance in individual mandates. The responsible concept, which is under-pinned by transparent components and a high degree of flexibility, also resulted in a substantial net inflow. also in 2014, BtV asset management ranked amongst the top five asset managers in the balanced risk class (12 and 60 months).*

attractive mortgage bondsas in previous years, an attractive mortgage bond was again set up in 2014. The funds from the pro-ceeds of the issue are continuing to flow to mort-gage clients who are creating new living spaces. thus, BtV is supporting young families and the regional economy.

intelligent investment products in the low interest rate environment the extremely low interest rates require creative investment products to invest profitably and se-curely. The creation of money market floaters with lower interest limits enables investors to benefit from increases in the interest rate while having a minimum coupon in case of stagnating interest rates. With the subordinate BTV loans, customers benefit from the higher return and make long-term investments in BTV. With the Dynamic Strategy asset management in swiss francs, customers can take advantage of the swiss franc as a crisis-proof currency. In addition, customers can diversify ac-cording to currency and location (BTV Switzerland).

With the BtV fund plan, customers can decide on the strategy for building up their assets – they invest monthly in the asset management‘s philosophy.

retail clients

the search for lucrative investments which are, at the same time, stable in value presents a challenge in times of extremely low interest rates. BTV provides its customers with lasting solutions.

„highest quality, closeness to customers, confidence and the responsible handling of clients‘ money determine the BTV strategies.“

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BTV Investors‘ symposiumtop-quality speakers and exciting topics from dif-ferent perspectives shaped the two BTV Investors‘ symposiums in Bregenz and Innsbruck. Here and at numerous regional small events, BtV clients were offered the possibility of lively and knowledgeable exchange of views and dialogue with the bank‘s Board as well as the BTV investment managers.

Residential construction financingspecialised, residential construction advisors work out individual financing concepts together with their clients. In 2014, BTV was able to retain new residential construction financing business at pleasingly high levels. The combined support of clients with financing in foreign currencies con-tinued to prove effective. Agreements were made with many clients to reduce the foreign currency liability and therefore the risk for our customers considerably.

More service, individuality and security in payment transactions – more time for clientssince 2014, BtV has reserved afternoons exclusively for consultations. Independent of the bank open-ing times, the account managers are very much there for the customers. New ATM sites in shopping centres, petrol stations and transport hubs provide BtV customers with money directly there where they need it. The realignment of account packages makes it possible to freely select the type and num-ber of accounts and cards included. This is unique in Austria. All of the cards issued by BTV were furnished with new designs for easier discernibility as well as a chip. In this way, customers in the BTV service area can access several accounts using only one card. At the same time, this investment increas-es counterfeit protection and makes contact-free payment possible with an ATM card.

Focus on 2015: investing with BtVFor 2015 BtV plans to step up expertise in all four of its markets – austria, switzerland, germany and Italy. This widespread expertise is underlined from top events to trends on the international financial markets as well as re-gional specialist and networking events. BTV will run a marketing campaign from a position of strength in all markets.

„independent of the bank opening times, the account managers are very much there for the customers.“

* Awards and successes in the past do not guarantee success or continued growth in the future. More information at: www.btv.at/auszeichnungen.

The following reflected and provided information on events in the financial markets and answered critical questions from the public: the renowned economic researcher stephan schulmeister, BtV chairman gerhard Burtscher, psychologist and executive director of the Max planck institute gerd gigerenzer, and Head of BTV Asset Management Jürgen Brockhoff. At the second BTV Investors‘ symposium in Innsbruck and Bregenz, 500 interested BTV customers took part.


Influenced by a strategy of sustained profitable growth, during the course of the last 10 years a considered expansion from innsbruck towards the neighbouring countries was pushed forward and, as a result, our already available expertise in cross-border business was further strengthened and expanded locally.

Independent and autonomous financial partner in four countriesBtV has always stood for independence and autonomy. The balanced and stable shareholder structure enables BtV decision-makers to make all important decisions locally, for the benefit of their clients, without external influence. The relationship with our corporate clients, the understanding of their business models and prompt decisions are a key part of the strategy.

as a universal bank, BtV supports its small to medi-um-sized corporate clients in all the financial transac-tions relevant to them in the strongest economic area of Europe. From Innsbruck to Bregenz, Zurich, Stutt-gart, Munich, Vienna and to south tyrol, BtV uses a wide network of partners - accountants, local business promotion agencies, national funding agencies in the

field of investment and foreign trade, chambers of commerce and banking partners. BTV advisors and experts also make their sector-specific know-how

available to corporate customers for consultancy services such as market analyses, market building and expansion, as well as for the professional support of businesses for urgent funding or setting up coopera-tions. As the Tyrol and Vorarlberg representative for the german Chamber of Commerce in austria (DhK) and the switzerland-austria-Liechtenstein Chamber of Commerce (HKSÖL), international networks can be utilised in the interests of BTV clients.

Highly qualified, experienced staffBtV not only invests in the specialised further education of experts, but also in the sector-specific

and regional training programmes for its corporate customer advisors. Through the continuous further training of BtV staff it is possible for them to recog-nise current developments and opportunities at an early stage and to provide active input. This turns the contact people at BtV into genuine „sparring part-ners“ for operative and strategic decisions in SMEs. in this context, the best possible, understandable and outcome-oriented advice and support for medium-sized industrial, commercial and tourism businesses have the highest priority for BtV corporate customer advisors and experts. In addition to advising on typical finance and investment instruments, we are on hand with help and advice to answer any questions whatso-ever regarding possibilities for enterprise investment, foreign trade deals, company succession planning, company pension scheme, cross-border operations, tailored structuring of financing and investment instruments, interest and currency hedging as well as cash management and leasing arrangements.

thanks to the cooperation with large national and international companies as well as with institution-al market participants, new services can be con-tinuously developed and implemented. Based on this principle of a linked-up consultancy approach, BtV Vier LÄnDer BanK has for a number of years provided its customers with an ideal platform to bring the most diverse and partly complex top-ics - from financing, interest rate and currency risk to asset and receivables management - in line with the relevant strategies of the companies concerned and the current situation in the financial markets.

payment transactions developmentevery week 80,000 corporate client transactions are processed in BTV‘s sphere of influence. BTV was able to post a 10% increase in the expansion market of Southern Germany alone in 2014.

SEPA-fitDuring the changeover to sepa, BtV was able to successfully switch 7,500 corporate clients seam-lessly over to SEPA on 1 August 2014.

Corporate clients

the BtV Vier LÄnDer BanK focuses on professional support of medium-sized, export-oriented and owner-managed businesses in Austria, Switzerland, Southern Germany and South Tyrol.

„BtV successfully switched 7,500 corporate clients over to SEPA.“

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support for private enterpriseFor many years, BtV Vier LÄnDer BanK has been offering small to medium-sized companies in particular the best possible support and active guidance when applying for enterprise investment. Government, ‚Land‘ and other institutions (Austria Wirtschaftsservice GmbH, Österreichische Hotel-treuhand, ERP-Fonds etc.) provide funds in Austria under certain conditions – in the form of (interest) subsidies amongst other things.

in germany, the funding occurs through funding agencies mainly through the awarding of low-cost fixed-interest loans. BTV is accredited with the awarding of these funding loans both by the ger-man government funding agency (KfW) as well as each of the federal Länder in which BtV operates (Lfa Förderbank Bayern and L-Bank) and is happy to sponsor funding projects in Germany. BTV experts have many years and a wealth of experience in the Austrian and German subsidy systems.

BtV export solutionsFor decades, BtV Vier LÄnDer BanK has placed special value on service and support to export-oriented companies. The broad performance spectrum and the international network in correspondent banks in international trade are continually adjusted by BtV employees in line with the needs of their corporate clients. The letter of credit hedging instrument in particular was much more popular last year than in previous years. The number of export fund loans for SMEs rose again in the area of export finance.

BtV experts have many years of experience in the professional deployment of financing and hedg-ing instruments in the export and import business. through the support of many companies, with a lively foreign trade, BtV staff are thoroughly famil-iar with the requirements of a wide range of indus-tries and markets. This is also the reason why BTV Vier LÄnDer BanK has the largest market share in export financing to medium-sized businesses in Tyrol and Vorarlberg.

„the number of export fund loans rose again.“

understanding the business model of corporate clients and finding the optimal solution using considerable knowledge of the market and special know-how: this is what BtV advisors home in on for their customers. Regardless of whether they are in industry, trade or tourism.


the extension of networks to international bank-ing partners was also a central concern of the BtV Institutional Clients and Banks division in 2014. In the same vein, the business area once again invited bank partners to a networking and specialist event in Vienna and Tyrol. BTV maintains contacts with over 900 bank partners across the globe.

BtV clients therefore have the possibility of ben-efiting from financial services from many markets – whether in payment transactions, financing or interest and currency hedging. These contacts and networks with foreign partner banks are also help-ful for clients who are expanding into new market areas and are wanting to benefit from BTV‘s experi-ence and know-how.

Within the framework of the overall management of the bank, the business area, institutional Clients and Banks, is primarily responsible for the optional liquidity

management. Due to the demanding market environ-ment, intensive contacts with monetary trading partners are the basis for

sound liquidity management. The management of institutional Clients and Banks thereby underpins the activities of the business area.

owing to the merger of the money market busi-ness, the management of institutional clients and bank supervision on 1 January 2014, synergies are consistently used and the sales focus further strengthened. Also in 2014, we managed to further increase the active visits to (potential) clients and money market trading partners and therefore raise the number of bank partners and clients. With this sales-oriented strategy, the business area provides the BtV client and internal business with even more flexibility.

in line with the market area of BtV in four countries – austria, germany, switzerland and italy – the fo-cus of bank support lies in these markets. Via these four countries, BtV maintains relationships with banking partners in each of all the regions which are or can be significant for clients of BTV.

institutional clients and banks division

a strong network of national and international bank partners creates a solid basis for the client business.

„Great flexibility due to a strong network of partners.“

Maintaining networks: BtV sets great store by this, not least for the benefit of its customers.

10 years of BTV in Switzerland. BTV would like to thank its customers for their confidence in us.

serving their customers for 25 years: the employees of BTV Vienna.

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BTV has been represented in Vienna since 1989. It therefore marked its 25th anniversary in 2014. BTV manages a location for retail and corporate clients at the heart of the federal capital. Its first-class advice and true client proximity are what differenti-ate BTV Vienna from its competitors. The personal commitment and the specialist competence of the employees are impressive – customers benefit from BTV‘s independence, rapid decisions and tailored solutions. BTV staff are guided by the various phases of their clients‘ lives; the service packages grow to meet their requirements. Thanks to BTV‘s cross-border market area, which encompasses aus-tria, southern germany, switzerland and northern Italy, BTV customers also benefit from international solutions via a single point of contact.

Local austrian private bankBtV operates the traditional private bank business in Vienna: they are distinguished by great commit-ment and a service culture. BTV‘s independence leads to solutions where the focus is solely on the client‘s requirements. Innovation, discretion and continuity are top priority. Comprehensive knowl-edge of client requirements is crucial for the BtV investment recommendations: dimensions and objectives are a matter of priority in our dealings with client funds. An independent selection of products and sound, individual advice feature in every profile of BTV on the Vienna market.

Corporate client competenceBtV has over 110 years of experience and tradition in the corporate client business as a commercial bank. In Vienna, BTV offers the entire service bun-dle of the key market, where here too the focus is on advising and supporting medium-sized com-panies. In addition to the traditional medium-sized and large company business, in Vienna BtV has specialised in the financing of property and com-pany purchases and sales, as well as the financing of aircraft and impresses with its expert know-how. together with the BtV advisors, the experts from BtV Leasing offer one-stop solutions for the Vienna market. From there or directly at the client‘s prem-ises, BTV employees will liaise with the client to find the optimum solutions for all issues concerning corporate client business.

BtV marked its 10th anniversary in switzerland in 2014: it has been present in the banking country of Switzerland since 2004 with a full bank licence. employees who act in an entrepreneurial way with four countries‘ expertise – over and above the swiss Banking Business they are also familiar with those in austria, germany and italy – enthuse their clients. Integrated solutions which are partially cross-border offer the clients of BtV in switzerland added value which is crucial for the success of inno-vative and future-oriented business activities.

Comprehensive offerin switzerland, BtV concentrates on the actively managed corporate client and retail client segment. experienced banking specialists from switzerland, ger-many and austria especially advise owner-managed, export and growth-oriented companies and high net worth private clients. this combination ensures a cross-border transfer of expertise and philosophy which contributes to innova-tive financial solutions which are perfectly tailored to clients‘ needs.

Optimum finance solutionsthe performance spectrum of BtV staad for corporate clients is coordinated in a very targeted way to the requirements of successful small to medium-sized companies. It comprises solutions for the operational settlement on switzerland, austria and germany as well as investment, growth and export funding. The active management of available liquidity profits, very flexible four-country compatible payment transfer instruments and the active support of company suc-cessions round off the BTV corporate client offering. A team of experienced securities and asset management experts advise BTV‘s private clients in Switzerland and also outside the normal bank opening hours where BTV customers request it. In so doing a great deal of importance is attached to a specific, discreet and ac-tive management which is adjusted to the investment profile of the client.

Comprehensive export assistancein representing the Chamber of Commerce for switzerland, austria and Liechtenstein, BtV also supports companies in international trade with a broad service offering of network partners which are specialised in cross-border solutions.

switzerlandBranch: • staad am Bodensee

ViennaBranch: • albertinaplatz


a high degree of expertise and short distances – this is how BTV convinces its Italian customers too. Customer service takes place from the stadtforum in Innsbruck and from BTV Lienz.

service at the highest levelthe focus on client service lies in the high-quality investment consultancy and asset management. With their special know-how and experience, BtV investment experts are in a position to develop specially tailored solutions for the respective re-quirements and objectives of the client.

Diversification through different legal systems in the past few years, the lowest interest level led to an increased need for the distribution of assets. In addition to the diversification in various asset classes, BtV clients increas-ingly also rely on country distribution due to the economic and financial challenges of individual countries. They thereby use the chance to divide their assets up amongst sev-eral countries - each having a robust legal system.

top consultancy in your mother tonguea special advantage of BtV in client support is the fact that their investment experts are multilingual. this is especially welcomed and valued by the ital-ian clients – in conjunction with the excellent advi-sory competence and flexibility of BTV advisors.

BtV was launched onto the market in Bavaria and Baden-Württemberg in 2006. In Germany too, BTV is a medium-sized bank for small to medium-sized firms and operates in both the corporate client and retail client segments. BTV employees know what medium-sized firms need: quick decisions, compe-tent point of contact, straightforward handling and reliability, even in turbulent times.

safe money investment in the private client business, BtV also offers service bundles for exacting requirements. Thanks to tailored investment strategies, demanding customers are very well cared for. The high level of expertise of BTV‘s asset management is proven not only by robust fund performance in accordance with the creed of ‚invest-ing, not speculating‘ but also by numerous internation-

al awards as well.* As a traditional bank, BtV feels bound by the values and ethos of the sound banking industry as they were established. Therefore, BTV quite consciously dispenses with invest-ment banking and proprietary trading.

Medium-sized bank for medium-sized companiesBTV‘s interest is focused on client requirements. Thus, BtV employees not only possess special know-how and understanding of business models, they also main-tain genuine close relationships with their customers: the concept of mobile sales means that BtV advisors visit clients at their premises. The branch network is therefore concentrated on locations with good trans-port links in selected conurbations.

utilising networksIn 110 years as an independent financial partner, BtV has always committed itself to medium-sized companies; this strategy has never changed. BTV‘s aspiration is and remains to develop further with entrepreneurial, export and growth-oriented companies. BTV‘s solutions go beyond traditional banking business: BtV employees see themselves as genuine sparring and network partners. As an integrated financing partner, BTV VIER LÄNDER BanK also offers leasing solutions via its own leas-ing company in Germany.

southern germany Branches: • augsburg • Munich • garmisch-partenkirchen • ravensburg/Weingarten • Memmingen • stuttgart

northern italyheadquarters: • innsbruck (BtV stadtforum) • Lienz

„Four countries, one bank. This is invaluable to BtV clients, especially in payment transactions.“

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BtV Leasing gmbh – a fully owned subsidiary of the Bank für tirol und Vorarlberg ag – is headquar-tered in Innsbruck. Since it was founded in 1988, it has been offering its clients individual support and assisting them with tailored solutions. BTV Leasing has greatly expanded in past years. This is reflected in the increase in the number of customers and the total volume of business.

asset management in a different wayFree liquidity is a valuable asset in any company. using this for the pure ownership of a commodity binds up liquidity in the company assets. Leasing of investment goods increases the financial scope and so facilitates investment projects. Leasing ena-bles investments which preserve equity as it does not increase the balance sheet total. BTV Leasing features a high level of specialist know-how in the field of investment financing and in addition to the standardised leasing models; it also offers flexible and individual solutions. Models such as capacity leasing or shift-use leasing enable financing vari-ants which are agreed with the particular customer. The optimum leasing financing depends on several factors, such as the use of the leased object, the replacement cycle, as well as the additional side benefits in taxation and balance sheet. BTV Leasing experts help you to make the right decisions in all matters.

Crossing bordersBtV Leasing advisors are acquainted with the particular features of the respective market. The product range extends from machines, produc-tion plants and cable cars via special solutions in the aviation leasing field to commercial property. Because of its competence in four countries, inter-national solutions from a single source and with a single contact partner are possible.

Affiliates in Switzerland and Southern GermanyBTV has fulfilled the principle of regional roots - closeness to the market and identification with the region - by founding the two 100% affiliates BTV Leasing Schweiz AG (2003) with registered office in staad and BtV Leasing Deutschland gmbh (2006) with registered office in Augsburg. In the Tyrol office, in Staad, Winterthur, Ravensburg, Munich, augsburg, stuttgart, Vienna and, from 2015, also in nuremberg, BtV Leasing staff are now available to provide customers with their personal dedication and specialist competence.

a very successful year in 2014Due to holding firm to strategic guidelines, it was possible to further extend the customer base – with habitually low risk costs. Thanks to consistent han-dling of the market, the total volume of gross new business rose in 2014 from €185 million (2013) to €217 million. The company continued to expand in the attractive markets of Germany and Switzerland. With the opening in nuremberg, BtV Leasing is now represented locally in all the major markets in Bavaria and Baden-Württemberg. BTV Leasing Germany managed to increase its gross new business from €85 million (2013) to €93 million. In Switzerland, gross new business rose from €11 million (2013) to €32 million. overall, the total cash value in external leases in all markets rose from €700 million (2013) to €750 mil-lion; this was at the same time as a very low-key risk trend in all countries.

using synergiesa further success factor of BtV Leasing consists of the cooperation with the BTV VIER LÄNDER BANK. the mutual support, especially in sales, results in lucrative business connections and comprehensive service bundles, which represent clear added value – both for the clients and also for BtV and BtV Leasing itself.

BtV Leasing

BtV Leasing offers tailored solutions – thanks to the four-country competence and more than 25 years of experience.

„BtV Leasing also increased its busi-ness with new customers in 2014.“


BtV Vier LÄnDer BanK has its roots in tyrol and Vorarlberg. It has been serving customers in Vienna

since 1989, in switzerland since 2004 and in southern germany and northern Italy since 2006. BTV has been adding value and connecting people for

110 years. BTV employees see themselves as partners for medium-sized firms, not least to assist them with succession regulations. Going forward, more atten-tion should be paid to in whose hands entrepreneurs place their life‘s work. BTV has been managed on an extremely consistent and rigorous basis since it was founded in 1904, always prudently and with the goal of making the values maintained for more than 110 years tangible also for future generations.

Brand as a means to store performanceBtV employees convey these values long before the initial contact with the customer because brands work. an initial conversation is not the beginning, but rather the first high point in the customer relationship. Not missing any opportunity to bring about a customer benefit by offering non-standard services and there-fore creating a corresponding feeling of worth for the customer inspires confidence in the BTV brand.

relevance rules the worlda lack of imagination on the part of so many sales staff today results in the attitude of always being able to sell at the cheapest price and thus becom-ing number one. BTV VIER LÄNDER BANK has set itself the goal of adding value, which is relevant for customers, for its 110,000 retail clients and over 7,500 corporate clients, in the most attractive economic area of europe, through its services and jointly with its network partners: acting with an en-trepreneurial spirit, connecting people, transferring performance advantages, living an identity in four countries. What this means in everyday life is that each employee will have to bundle this aspiration in their overall ability in their day-to-day actions. A service is like a prototype: as a service company, we must prove ourselves again each time.

BtV customers assess the quality and are prepared to pay a reasonable price for it. Quality managementthe quality factor has played a major role at the Bank für Tirol und Vorarlberg since it was founded. in the last 20 years several in-house initiatives have been set up on this topic, which are still valid. We take into account that the desire for simplicity, personal care and intensive advice in the case of complex affairs is stronger than ever for our cus-tomers. The customer‘s accessibility to the advisor is an important matter for us. The presence of our employees plays an equally major role as friendli-ness at the counter or being put through quickly on the telephone. BTV places value on details. this can already be experienced on entering the branch and continues in many further details – for example, offering coffee – which, in brief, makes a noticeable difference. We aspire to offer quality at the highest level. This is because customer satisfac-tion only arises through continuous quality.

the BtV brand

In times of excess, customers make decisions based on relevance and satisfaction. As a branded company, BTV sells customer satisfaction.

„it is our aim to be the best connect-ed entrepreneurial bank in the most attractive economic area of Europe.“

The firm footing is what allows us to climb so well: complete focus on the customer benefit also guides the brand.

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Management report

Business trendsCompliance and money launderingCharacteristics of the internal control and risk management system shares and shareholder structureoutlook


economic environment2014 represented a turbulent period for the global economy. Geopolitical crises and concern about a weakening of the global economic climate damp-ened investor sentiment, while positive economic indicators in the us and an extreme expansionary central bank policy supported economic devel-opment and gave new impetus to the financial markets.

although the slight recovery in the eurozone continued last year, the currency union suffered severely, however, from the consequences of the ukraine crisis and existing structural problems such as high rates of unemployment. In December, the failed presidential elections in greece also came as a surprise, as a result of which the political risk took centre stage again. The European Central Bank‘s extreme expansionary monetary policy, which was eased on several occasions in 2014, supported the fragile upturn and mainly resulted in a definite weakening of the common currency in the second half. Combined with a low oil price, slightly positive and higher-than-expected growth was therefore observed in the eurozone towards the year-end. Germany was the main driver. Rising private consumption, greater corporate investment and attractive exports and imports resulted in a definite increase in GDP in the fourth quarter of 2014. The swiss economy also stabilised in 2014, while austria displayed a slight weakness.

The US economic climate was also robust in 2014. positive leading and sentiment indicators, produc-tion and trade data, and an ongoing improvement in the labour market clearly hinted that this trend will also continue in 2015. Economic growth slowed down and bottomed out in the emerging coun-tries. These countries suffered in part from capital outflows, a weak economic climate in China and the low oil price.

interest ratesthe eCB decided on various measures to ease mon-etary policy in 2014. For one thing, it lowered the base rate in June and september by 10 basis points each time, reaching the record low of 0.05%. It also intro-duced a negative deposit rate and reduced this during the previous year to -0.2%. In June the ECB also de-cided on a series of conditional long-term refinancing operations (LTROs) totalling €400 billion. Consequent-ly, the purchase of pfandbriefen (covered bonds) and asset-backed securities was announced in October. As these measures had not made any clear impact by the year-end, however, the eCB had a broadly conceived programme to purchase government bonds in view. The ECB‘s extreme expansionary monetary policy led to a sharp fall in yields on government bonds in both the peripheral and the core countries of Europe. The yield on 10-year german Bunds reached its all-time low of 0.54% at the end of December.

the us Federal reserve continued on its taper-ing path last year and ended the monthly bond purchase programme in October. It also held out on the prospect of an initial base rate hike, which is expected from mid-2015. Increased uncertainty on the markets in the meantime resulted, however, in sharp fluctuations in the yield on 10-year US government bonds, which lost just under 80 basis points during the year and fell to 2.17%.

Currency marketsIn the first half of 2014, we saw a strong euro that fluctuated between USD 1.35 and USD 1.40. The divergent central bank policies adopted by the eCB and the Fed resulted in a definite weakening of the common currency as from July. At the year-end, the euro was listed at USD 1.21, thus reaching its lowest level for more than two years.

Management report and notes on BtV group business development in 2014

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the eur/ChF exchange rate came considerably close, mainly in the second half of the year, to the Swiss National Bank‘s exchange rate floor of 1.20. the main reason for this included the excellent swiss economic data, concern about a slowdown in the global economy and the ECB‘s extreme mon-etary easing. The SNB therefore introduced nega-tive interest rates to defend the exchange rate floor of EUR/CHF 1.20. By the end of the year, the euro was listed at 1.20 to the Swiss franc and therefore about roughly 2% less than at the start of the year. the Japanese yen performed sideways to the euro (closing rate: 144.85), although was subjected to substantial fluctuations during the year. The reason for this was the extreme expansionary monetary policy adopted by both central banks (eCB and Bank of Japan).

equity marketsequity markets in developed countries performed in a very pleasing way throughout 2014. The US stock exchanges posted the best performance, while the swiss sMi represented the strongest european equity market during the year. In the second quarter, the Japanese market was able to offset most of the losses incurred in the first half owing to the extremely relaxed monetary policy adopted by the BoJ and on 31 Decem-

ber was clearly in the black compared with the begin-ning of the year. Geopolitical conflicts, concern about a slowdown in the global economy and speculation regarding the turnaround in us interest rates resulted again and again in short-term corrections during the year. The markets in developed countries were mainly supported, however, by the sustained monetary easing of the main central banks, as a result of which major share indices such as the s&p 500, Dow Jones and Dax reached new all-time highs. Stock exchanges in emerging countries performed extremely positively until September. The falling oil price, the presidential election in Brazil and the geopolitical conflicts resulted, however, in a definite correction towards the year-end, which is why the MsCi emerging Markets Index lost about 2%.

Almost all major financial centres showed a positive performance. The Euro Stoxx 50 lagged and gained +1.2%, the Swiss SMI represented the strongest European market with +9.5%, the US Dow Jones gained +7.5% and the Japanese Nikkei rose by +7.1%. Vienna‘s ATX index was down by a not inconsider-able 15.2%.

BTV‘s ordinary shares rose by 9.5% to €21.35 in 2014 and preference shares by 9.1% to €18.00.


Business trends

IFRS Group financial statementsThe BTV Group financial statements have been drawn up according to iFrs regulations as well as the interpretations by the international Financial reporting interpretations Committee (iFriC) as exempting consolidated financial statements as defined by section 59a of the Austrian Banking Act (BWg) in conjunction with section 245a of the aus-trian Commercial Code (UGB). In establishing the present financial statements, all standards which were required for this financial year were applied. an overview of the standards and the balancing principles is provided in the annex, from page 54 onwards. Various new and revised standards ap-plied in 2014 (see pp. 63 et seq.).

the statement of comprehensive income and the balance sheet were affected by changes in the con-solidation scope. The main effects are commented on below in the individual items. VoMoNoSi Beteili-gungs ag (to date consolidated at equity, holds a participation in silvretta Montafon Bergbahnen ag), tiMe holding gmbh (holds a participation in Moser holding ag) and retroactively BtV Beteiligungshold-ing gmbh and BtV 2000 Beteiligungsverwaltungsge-sellschaft m.b.H. (the former is a holding company, the latter holds various participations in BtV) are now included in the f

BTV VIER LÄNDER BANK | Startseite - FORESIGHT · 2021. 1. 25. · Cost/income ratio 54.4 % 42.8 %...

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Transcript of BTV VIER LÄNDER BANK | Startseite - FORESIGHT · 2021. 1. 25. · Cost/income ratio 54.4 % 42.8 %...