UniCredit gave up

After more than five years: Legal dispute over

It was about power in the 3-bank group, kept lawyers, board members and shareholders busy because it was a topic of discussion for hours at annual general meetings - but now the legal dispute between UniCredit and Oberbank, as well as BKS Bank and BTV, has been settled. The reason: UniCredit withdrew all lawsuits.

On May 31, the Vienna Higher Regional Court gave UniCredit a thumbs down in the takeover proceedings in the second instance - two and a half weeks later, the bank, which operates from Milan, withdrew completely from the legal dispute with Oberbank, BKS Bank and BTV.

All outstanding actions for avoidance by UniCredit Bank Austria AG and CABO Beteiligungsgesellschaft m.b.H. were withdrawn with a waiver of claims.

UniCredit has obviously recognized that it cannot do anything against a series of supreme court decisions that leave nothing to be desired in terms of clarity.

Franz Gasselsberger, Oberbank-Generaldirektor

After more than five years of dispute, the legal dispute is now over. The 3 Banken Group can breathe a sigh of relief. Oberbank CEO Franz Gasselsberger speaks of a "happy day": "I have thus achieved my most important professional goal in life, namely to maintain Oberbank's independence."

Following the withdrawal of the lawsuits challenging resolutions passed at the Annual General Meeting in 2020, the proceedings have been legally concluded in Oberbank's favor. No further appeal was lodged against the decision of the Vienna Higher Regional Court.