Wiener Privatbank SE Overview
Wiener Privatbank SE describes itself as Austria's only exchange-listed private bank and a specialist for tangible-asset ("Sachwerte") investments, combining capital-markets and real-estate competence under one roof. Its franchise rests on four pillars: private banking and discretionary asset management for affluent Austrian and CEE/CIS clients (AUM ≈ EUR 1.43bn at H1 2025); secured lending (real-estate project finance, Lombard loans and special financings); capital-markets services for small and mid-sized issuers (equity and bond issuance, listings, paying-agent, brokerage and custody); and trading of Viennese residential real estate, especially investor apartments ("Vorsorgewohnungen"). After a severe 2024 real-estate credit loss (group pre-tax loss EUR 13.93m), the bank de-risked its loan book, exited mezzanine real-estate lending, and returned to a near-break-even group result in 2025 with very high capital (CET1 27.81%) and liquidity (LCR 1,751%). The shareholder register has been in flux throughout 2026 as long-time anchor investor Günter Kerbler reduced his holding.
Company's own description
In its 2025–2026 reporting, the bank presents itself as a diversified specialist bank whose offering spans international private banking with a focus on CEE and CIS core markets, secured lending (real estate, Lombard and special financings), capital-markets services for capital-market-oriented companies (equity and bond issues, stock-exchange listings, brokerage and custody), in-house asset management, and real-estate and investment solutions for private and institutional clients (H1 2026 release). Its standard corporate description (Börse Express company profile, derived from issuer data) lists the core business areas as private banking and wealth management, asset management, capital markets, real-estate products and services, and corporate holdings/special products. In its FY2023 release the bank emphasised an "integrated value chain" combining investment opportunities and financing around real estate, and its long-standing ability to offer clients access to residential property, colloquially "Betongold".
Independent characterisation
Wiener Privatbank is best understood as a hybrid of (i) a small fee-driven wealth manager and capital-markets boutique, (ii) a niche secured lender whose credit book has shrunk sharply since 2022, and (iii) a residential real-estate trading operation carried on through subsidiaries. Its earnings are unusually volatile for a private bank because real-estate trading gains and real-estate credit provisions swing the result. Compared with conventional Austrian private banks (Spängler, Gutmann, Schelhammer), it is far more exposed to the Viennese property cycle; compared with property developers, it has a banking licence, deposit funding and very high regulatory capital.
Business and revenue model
| Revenue line (IFRS) | Nature | FY2023 (EUR Mn) | FY2022 (EUR Mn) | Comment |
|---|---|---|---|---|
| Net interest income | Spread on loans and interbank placements funded by client deposits | 10.00 | 4.98 | Doubled in 2023 on rate rises (FY2023 release); since compressed by loan-book reduction (FY2025 release) |
| Net fee and commission income | Asset management, securities/brokerage/custody, product distribution, capital-markets mandates, credit fees | 7.67 | 8.76 | H1 2026: EUR 3.84m vs EUR 3.16m in H1 2025 (+21.5%) |
| Result from real-estate trading | Sale of apartments/properties held as inventory by subsidiaries | 2.19 | 3.02 | H1 2026 net contribution EUR 1.81m vs 0.57m; gross proceeds EUR 6.55m vs 1.56m |
| Other operating income | One-offs | 1.24 | 2.96 | FY2023 release |
Mix characterisation (FY2023, the last "normal" year with a full line-item breakdown): roughly 47% interest-based, 36% fee-based (service/subscription-like recurring asset-management fees plus transactional brokerage and capital-markets fees), 10% real-estate trading, 6% other. There is no product-licensing revenue. Value-chain position: client-facing intermediary and balance-sheet lender, plus principal in residential property trading.
Customer types and end-markets
| Customer type | Products used | End-market |
|---|---|---|
| Affluent / HNW private clients (Austria, CEE, CIS) | Private banking, discretionary mandates, funds, term deposits, Lombard loans | Austrian and CEE wealth management |
| Real-estate investors and owner-occupiers | Investor apartments, project finance | Vienna residential property |
| Real-estate developers | Project finance (mezzanine discontinued per FY2025 release) | Austrian property development |
| SMEs seeking capital-markets access | Equity/bond issuance, listing, paying agent, custody | Austrian/DACH small-cap capital markets |
| Institutional clients | Asset management, brokerage, custody | Austrian institutional asset management |
Strategy
Stated strategic themes (paraphrased from 2025–2026 releases)
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Revenue diversification — reduce dependence on real-estate credit and trading by growing fee businesses (H1 2026 release).
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International private banking — expand in CEE and CIS core markets (H1 2025, H1 2026 releases).
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Rebuilding the loan book, safely — after cutting high-risk real-estate exposure and ending mezzanine lending, grow collateralised real-estate, Lombard and special financings in newly defined niches, with organisational prerequisites built in 2025 (FY2025 release).
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Capital-markets partner for SMEs — equity and bond issuance, listings, brokerage, custody, sharpened through cooperations with partners for innovative issuance solutions (H1 2025 release).
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Asset management as core competence plus real-estate and investment solutions for private and institutional clients.
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Capital and liquidity strength as a foundation — a constant message across every release since 2022.
Initiatives in the last 24 months
| Initiative | Date | Status / detail |
|---|---|---|
| Exit from mezzanine real-estate lending | 2024–2025 | Completed (FY2025 release) |
| Risk-appetite recalibration of credit book | 2024 onward | Ongoing; risk appetite reviewed against market and risk-bearing capacity (FY2024 release) |
| Definition of new lending niches | 2,025 | Completed; growth from H1 2026 |
| Cooperations for innovative capital-market issuance solutions | 2,025 | Partners not named |
| Creation of board seat for international distribution | 1 Mar 2026 | Reversed 28 Aug 2026 |
| Board renewal with internal risk specialist | 1 Jun 2026 | Purgstaller appointed to 2029 |
| Updated remuneration policy and fit & proper policy | Nov 2025 – Jun 2026 | AGM votes 8 Jun 2026 |
No quantified cost-reduction programme, digital platform investment, ESG commitments with targets, or medium-term financial targets (ROE, cost-income, CET1 floor, payout ratio) were found. Guidance: for FY2026 management expected a challenging year (FY2025 release, April 2026) and, at H1, a further improvement in earnings in H2 2026 driven by loan growth, real-estate market stabilisation and possible capital-markets revival (H1 2026 release).
Products & Services
No named flagship fund products, published fee schedules or product launch dates were found in public sources.
Product Portfolio
| Segment | Product / service | Description and capabilities | Target customer | Launch / latest | Pricing model |
|---|---|---|---|---|---|
Private Banking | Discretionary portfolio management | Mandates run by in-house asset management, historically equity-focused, adapted to the changed rate environment (FY2023 release) | Affluent/HNW private clients | Long-standing | Management fee (rates not publicly disclosed) |
Private Banking | International private banking (CEE/CIS) | Cross-border wealth management for clients from CEE and CIS core markets; strategic growth priority 2025–2026 | Non-resident HNW clients | Expansion stated in H1 2025 and H1 2026 releases | Fees/spreads (n/d) |
Private Banking | Term deposits (Festgeld) | Fixed-term deposits at attractive conditions (FY2023 release) | Private and corporate depositors | Ongoing | Interest rate |
Private Banking | Securities account and custody | Depot services, custody for private and institutional clients | All clients | Ongoing | Custody fees (n/d) |
Asset Management | Funds and mandates (Matejka & Partner heritage) | Equity-oriented strategies plus fixed-income opportunities | Private and institutional | Matejka acquired before 2019 | Management fees (n/d) |
Lending | Real-estate project finance | Senior, collateralised financing of real-estate projects; higher-risk categories cut back from 2024 | Developers, investors | Core since pre-2020; refocused 2025–26 | Interest + fees |
Lending | Mezzanine real-estate financing | Discontinued completely (FY2025 release) | — | Wound down 2024–2025 | — |
Lending | Lombard loans | Securities-backed credit within clearly defined parameters | Private clients | Ongoing | Interest |
Lending | Special financings | Selected niches with attractive risk-return profile; new niches defined in 2025 | Corporates, investors | Build-out 2025–2026 | Interest + fees |
Capital Markets | Equity issuance and IPO/listing support | Structuring and execution of share issues and Vienna listings for SMEs | Capital-market-oriented SMEs | Ongoing; partner cooperations for innovative issuance solutions (H1 2025 release) | Success/advisory fees |
Capital Markets | Bond issuance | Structuring and placement of SME bonds, including listing | SMEs | Ongoing | Fees |
Capital Markets | Paying-agent services | Zahlstelle function for issuers | Listed issuers | Ongoing | Fees |
Capital Markets | Brokerage | Securities execution | Private and institutional | Ongoing | Commissions |
Capital Markets | Research | Equity research (listed in 2017 CMS description; current status not publicly disclosed) | Institutional | — | — |
Real Estate | Investor apartments (Vorsorgewohnungen) | Residential units sold to private investors as rental investments; core real-estate product since at least 2007 | Private investors | Ongoing | Sale price/margin |
Real Estate | Residential units for owner-occupiers | Sale of apartments from inventory (EUR 42.67m inventory at 30 Jun 2026) | Owner-occupiers | Ongoing | Sale price |
Corporate holdings | Participations and special products | Listed in company profile; details not publicly disclosed | — | — | — |
Financial Narrative
Income statement
Sources: FY2021–FY2025 releases. Diluted EPS assumed equal to basic as no dilutive instruments are disclosed (share count unchanged at 5,004,645). FY2023 dividend: EUR 0.25 proposal withdrawn on 27 May 2024.
Not meaningful / not disclosed for a bank: gross profit, EBITDA, EBITDA margin, operating income in the industrial sense. Total operating income ("revenue") is not published as a single line in the releases.
Approximate FY2023 total operating income from published lines: 10.00 + 7.67 + 2.19 + 1.24 = EUR 21.10m, versus FY2022 EUR 19.71m (4.98 + 8.76 + 3.02 + 2.96) — a 7% increase (derived, excludes financial-asset result).
Revenue CAGR FY2021–FY2025: not computable (FY2021, FY2024, FY2025 total operating income not publicly disclosed).
Balance sheet
Sources: FY2022–FY2025 releases (book value per share and equity/assets derived). At 30 Jun 2026: total assets EUR 314.62m, equity excl. minorities EUR 31.45m, customer loans EUR 56.73m, real-estate inventory EUR 42.67m (31 Dec 2025: EUR 46.74m), CET1 23.72%, LCR 1,206% (H1 2026 release). At 30 Jun 2025: CET1 26.51%, LCR ≈1,480% (H1 2025 release / FinTelegram summary).
Not meaningful for a bank: cash conversion cycle, working capital, current ratio, net debt/EBITDA, interest coverage. Goodwill and intangibles: goodwill of EUR 413k for Matejka & Partner at 31 Dec 2019 (IVA Q&A 2020); later balances not publicly disclosed. Cash and central-bank balances, debt securities issued and short/long debt split: not publicly disclosed in sources located.
Cash flow
Operating cash flow, capex, free cash flow and buybacks are not publicly disclosed in the results releases and are not analytically meaningful for a bank of this type. Dividends paid: none for FY2023, FY2024 and FY2025 (dividends would have been paid in the following year). No share buyback programme was found for 2021–2026.
Ratios
Derived from FY2022–FY2025 releases (average of opening and closing balances).
Commentary on trends and inflections
2021–2023: steady mid-single-digit profitability. The bank earned EUR 3.4–5.1m pre-tax each year. 2021 benefited from one-offs in fees and real-estate trading and much lower risk provisions after COVID-related charges in 2020 (FY2021 release). 2022 normalised (pre-tax EUR 3.40m). In 2023 net interest income doubled to EUR 10.0m as policy rates rose, offsetting weaker fees and property sales; net profit rose about 25% to EUR 2.83m (the bank's headline described a 20% rise in the annual result). CET1 climbed from 18.33% to 24.44% as the loan book was cut and profits retained.
2024: the real-estate credit shock. With Austrian property insolvencies rising after state support was withdrawn and borrowers faced persistently high interest costs, the bank booked material impairments on real-estate loans (H1 2024 release; FY2024 release). The bank flagged a loss on 27 May 2024, withdrew its EUR 0.25 dividend, and in January 2025 widened its guidance to a high single-digit or low double-digit million loss. The final outcome — pre-tax loss EUR 13.93m, net loss EUR 12.06m, EPS EUR -2.41 — wiped out 26% of shareholders' equity (EUR 44.50m to EUR 32.71m). Management characterised the provisions as largely one-off. H1 2024 risk costs alone were EUR 7.36m.
2025: stabilisation. Risk costs collapsed (H1 2025: EUR 0.68m), the parent returned to a small positive UGB result (ordinary result EUR 182,884), and the group loss shrank to EUR 0.66m, with subsidiaries (real-estate vehicles) the drag. CET1 rose to 27.81% because risk-weighted assets fell faster than capital.
2026: early re-leveraging. H1 2026 shows a deliberate pivot back to growth: customer loans +34% in six months, fees +21.5%, real-estate trading net contribution tripled. Yet the half-year pre-tax result (EUR -0.75m) was essentially flat, implying higher costs or lower other income absorbed the operating gains; CET1 fell to 23.72% as the loan book grew. Equity edged down to EUR 31.45m.
Structural observation. Even in its best recent year (2023), ROE was only ~6.5% despite strong rate tailwinds, reflecting the high fixed-cost base of a ~77-person licensed bank relative to ~EUR 21m of operating income. The very high CET1 ratio is as much a sign of under-deployed capital as of strength.
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View Subscription PlansFinancial Detail
Key Financials and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net interest income (EUR Mn) | — | 4.98 | 10.00 | — | — |
Net fee and commission income (EUR Mn) | — | 8.76 | 7.67 | — | — |
Result from real-estate trading (EUR Mn) | 4.26 | 3.02 | 2.19 | — | — |
Other operating income (EUR Mn) | — | 2.96 | 1.24 | — | — |
Risk provisions (EUR Mn) | — | -0.36 | -1.19 | — | — |
Pre-tax result (EUR Mn) | 5.09 | 3.40 | 3.86 | -13.93 | -0.72 |
Net result after tax incl. minorities (EUR Mn) | — | 2.38 | 2.86 | — | — |
Net result attributable to shareholders (EUR Mn) | 3.57 | 2.26 | 2.83 | -12.06 | -0.66 |
EPS basic (EUR) | 0.71 | 0.45 | 0.57 | -2.41 | -0.13 |
EPS diluted (EUR) | 0.71 | 0.45 | 0.57 | -2.41 | -0.13 |
Dividend per share for the year (EUR) | — | — | 0 | 0 | 0 |
Average shares outstanding (millions) | 5.004645 | 5.004645 | 5.004645 | 5.004645 | 5.004645 |
Derived margin metric
| Derived margin metric | FY2022 | FY2023 |
|---|---|---|
Pre-tax margin on published operating income lines (%) | 17.2 | 18.3 |
Net margin on published operating income lines (%) | 11.5 | 13.4 |
Balance Sheet and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (EUR Mn) | — | 327.14 | 342.44 | 325.81 | 344.63 |
Equity excl. minorities (EUR Mn) | — | 42.51 | 44.50 | 32.71 | 32.36 |
Loans and advances to customers (EUR Mn) | — | 94.60 | 71.56 | — | 42.36 |
Loans and advances to banks (EUR Mn) | — | 44.61 | 85.47 | — | — |
Amounts owed to customers / deposits (EUR Mn) | — | 234 | 242 | — | — |
Book value per share (EUR) | — | 8.49 | 8.89 | 6.54 | 6.47 |
Equity / total assets (%) | — | 13.0 | 13.0 | 10.0 | 9.4 |
CET1 ratio (%) | 18.33 | 21.23 | 24.44 | 22.46 | 27.81 |
Liquidity coverage ratio (%) | — | — | — | 1,668 | 1,751 |
Margin Analysis (%)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
ROE on average equity (%) | — | 6.5 | -31.2 | -2.0 |
ROA on average assets (%) | — | 0.85 | -3.61 | -0.20 |
Loans / deposits (%) | 40.4 | 29.6 | — | — |
Customer loans / total assets (%) | 28.9 | 20.9 | — | 12.3 |
Share Price & Returns
| Reference point | Price (EUR) | Source |
|---|---|---|
Arca block purchase, 12 Sep 2019 | 10.50 | MAR notice 13 Sep 2019 |
Arca majority-deal price incl. premium (2019) | 11.00 | e15.cz |
Start of 2023 | 5.50 | Annual Financial Report 2023 |
52-week low / high (undated Google snapshot, likely 2025) | 7.70 / 12.20 | Google Finance |
50-day moving average, late Feb 2026 | 10.65 | Börse Express |
K 5 Beteiligungs block sale, 8 Jul 2026 | 10.50 | MAR notice 10 Jul 2026 |
Share metric
| Share metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
EPS (EUR) | 0.45 | 0.57 | -2.41 | -0.13 |
Book value per share (EUR) | 8.49 | 8.89 | 6.54 | 6.47 |
Dividend per share (EUR) | — | 0 | 0 | 0 |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
Market cap | EUR 52.5m | 5,004,645 shares |
P/B | 1.62x | FY2025 equity EUR 32.36m (1.67x on H1 2026 equity EUR 31.45m) |
EV/EBITDA, EV/Sales | Not meaningful for a bank | — |
P/E on FY2023 EPS (normalised reference) | 18.4x | EPS 0.57 |
Dividend History
| Fiscal year | DPS (EUR) | Comment |
|---|---|---|
FY2005/06 + short FY2006 | 0.95 | Joint dividend (AGM 31 May 2007) |
FY2007 | 1.45 | AGM 28 May 2008 |
FY2023 | 0 | EUR 0.25 proposal withdrawn 27 May 2024 |
FY2024 | 0 | AGM 12 Jun 2025 |
FY2025 | 0 | AGM 8 Jun 2026 |
Analyst Conclusions
Management guidance
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FY2026: initially described as a challenging year (April 2026); at H1, management expects further earnings improvement in H2 2026 from loan growth, property-market stabilisation and potential capital-markets revival, while noting geopolitical uncertainty and weak growth.
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Consensus: no analyst consensus exists.
Bull case
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Operating leverage is turning: fees +21.5% and real-estate trading ×3 in H1 2026; if costs are held, the group can return to profit in FY2026–FY2027.
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Massive excess capital: CET1 above 23% supports doubling the loan book without new equity, with secured, lower-risk collateral.
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Ownership catalyst: a fragmented register with active CEE buyers (ZLT/Golan 14.9%, Saint Gabriel attempt) raises the chance of a control transaction at a premium.
Bear case
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Structural sub-scale: even 2023's rate tailwind produced only ~6.5% ROE; the valuation at ~1.6x book discounts a return the bank has not shown in years.
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Governance instability: loss of the Kerbler anchor, a two-person board, and three board departures in 2026 alone weaken execution and raise supervisory attention.
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Concentrated real-estate risk persists: H1 2026 growth again leans on property lending and trading — the same exposure that cost 26% of equity in 2024.
Catalysts and monitorables (next 12 months)
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FY2026 results (expected April 2027): group profitability, risk costs, CET1 trajectory.
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Supervisory Board decision on a third board member for international distribution.
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Further § 135 notices: who absorbed Alpha Fund's 8.31% and Kerbler's July block; whether ZLT/Golan exercises instruments (cash-settled to 31 Dec 2026) or approaches the 10% qualifying-holding threshold in shares.
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Austrian property transaction volumes and NPL trends.
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Dividend proposal for FY2026 at the 2027 AGM.
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Any supervisory or AML-related findings regarding cross-border private banking.
Analyst verdict
Wiener Privatbank SE is a well-capitalised, highly liquid but structurally under-earning micro-cap bank in the midst of both an operational recovery and an ownership transition. The 2024 real-estate credit shock — a EUR 13.93m pre-tax loss that erased a quarter of equity — was handled conservatively: the bank shrank its loan book, exited mezzanine financing, and rebuilt CET1 to 27.81% by end-2025. The first half of 2026 brought tangible operating progress, with fee income up more than a fifth, loans up a third and real-estate trading gains tripling. Yet the bottom line has not followed: the group was still marginally loss-making at both the FY2025 and H1 2026 stages, which tells investors that the cost base of a fully licensed bank with fewer than 80 employees remains heavy relative to roughly EUR 20m of operating income.
The equity story has migrated from earnings to ownership. The long-standing anchor shareholder has fallen from about a quarter of the capital to under 12% in 2026; Czech and Bulgarian investors have moved in and out; a purchase agreement for 8.64% collapsed; and the Management Board has seen three departures in six months. History matters here: the 2017–2019 attempt by Arca to acquire control stalled in supervisory ownership-control review, demonstrating that regulators scrutinise prospective owners closely and that a premium exit cannot be assumed.
At roughly EUR 10.50 per share, the stock trades near 1.6x book value — demanding for a bank whose best recent ROE was about 6.5%. Excess capital and a recovering property market offer genuine upside, and a credible strategic acquirer could unlock value. But until the bank proves sustained group profitability, stabilises its board, and clarifies its shareholder base, the risk-reward is balanced at best. Verdict: Neutral / special-situation watchlist. Key confirmation would be a profitable FY2026 with stable credit costs and a transparent, supervisor-approved anchor shareholder.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Title / remit | Tenure | Prior roles | Education |
|---|---|---|---|---|
Eduard Berger | Member of the Management Board | Registered since 6 Feb 2014 | Long-serving bank executive; prior roles not publicly disclosed in sources located | — |
Mag. Gernot Purgstaller | Member of the Management Board; takes over most of Selden's portfolio | Since 1 Jun 2026; contract to 31 Dec 2029 | With the bank since 2014; most recently head of risk management, credit workout and operations | Mag. (Austrian master's degree; field n/d) |
Board of Directors — Michael Munterl
| Name | Role | Period | Context |
|---|---|---|---|
Michael Munterl | Board member, international distribution | 1 Mar 2026 – 28 Aug 2026 | Left by mutual agreement after six months; duties redistributed; Supervisory Board to decide whether to replace (MAR, 28 Aug 2026) |
Mag. Stefan Selden | Board member (portfolio largely passed to Purgstaller) | Appointment date n/d – 31 May 2026 | Early resignation announced 25 Feb 2026; Supervisory Board expressed regret; no reason given |
Dr. Christoph Raninger | CEO | 1 Jan 2020 – 31 Dec 2024 | Did not renew contract; previously CEO of Austrian Anadi Bank (from 2015) and board member at Österreichische Volksbanken |
Juraj Dvorák | Board member, CEE | From 2020 (end date n/d) | Arca nominee, previously on Supervisory Board |
MMag. Dr. Helmut Hardt | CEO | 2005 – end 2019 | Retired; also a shareholder (4.95% in 2022) |
Governance Overview
| Governance feature | Status |
|---|---|
Structure | Two-tier (Management Board + Supervisory Board) under Austrian SE rules |
Chair/CEO separation | Yes, by law (two-tier) |
Board size | Management Board 2–5 per statutes, currently 2; Supervisory Board 3 registered |
Representation | Joint representation by two board members, or one board member with a Prokurist |
Independence | Not publicly disclosed; at least one member (Kerbler) is linked to a significant shareholder |
Committees | Not publicly disclosed (a small board may perform audit and nomination functions in plenary) |
Corporate Governance Code | Bank states commitment to the Austrian Corporate Governance Code (Annual Financial Report 2023) |
Fit & Proper policy | Updated November 2025 (AGM documents) |
Major Shareholders
| Shareholder | Stake (latest known) | Date / source | Comment |
|---|---|---|---|
ZLT a.s. / Karel Golan (Czech) | 14.9% total (9.9% shares + 4.99% instruments, cash-settled to 31 Dec 2026) | § 135 notice, threshold 3 Mar 2026 | Largest combined position disclosed |
Kerbler group (K5 Beteiligungs GmbH, Lehar Schlössl Besitz GmbH; ultimately K5 Privatstiftung / Günter Kerbler) | 11.69% | § 135 notice, threshold 9 Jul 2026 | Down from 19.99% (Feb 2026) and ~24% (2025) |
Shanfari Investment | 9.90% | Shareholder list 4 Aug 2025 (via FinTelegram) | No later notice found |
Bohemia Faktoring | 9.90% | 4 Aug 2025 list | — |
Aventure Capital AG | 8.64% | 4 Aug 2025 list | 8.64% equals exactly the 432,179 shares in the lapsed Saint Gabriel SPA (Aug–Sep 2026) — possible seller, not confirmed |
Ficron Finance | 7.06% | 4 Aug 2025 list | — |
RONDA INVEST P2B | 5.79% | 4 Aug 2025 list | — |
Deal Services | 5.24% | 4 Aug 2025 list | — |
Alternative Investment Fund "Alpha Fund" AD (Sofia) | 0% (from 8.31%) | § 135 notice, threshold 14 Oct 2026 | Held 9.55% in 2025; buyer of its shares not disclosed |
Free float | ~16.5% (Aug 2025) | 4 Aug 2025 list | Current figure n/d |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | Type | Relative positioning vs WPB |
|---|---|---|---|
Private banking | Bankhaus Carl Spängler & Co. (Salzburg) | Independent private bank, oldest in Austria | Larger, more diversified, no listing |
Private banking | Bank Gutmann | Vienna private bank | Larger AUM, pure wealth management |
Private banking | Schelhammer Capital Bank | Private bank (Grawe group) | Larger, insurance-group backed |
Private banking | LGT Bank Österreich | Liechtenstein-owned private bank | Global platform, deeper product shelf |
Private banking | Erste Private Banking / Raiffeisen Private Banking | Universal-bank private-banking units | Scale, distribution, balance sheet |
Private banking (CEE/CIS clients) | Other Vienna-based banks serving CEE clients | Various | Competes for same cross-border clients |
Capital markets (SME issuance) | Erste Group, Raiffeisen Bank International | Universal banks | Dominant in larger Austrian issues |
Capital markets (SME issuance/listing) | Small brokers and boutique banks (e.g., Baader Bank in DACH) | Specialists | Compete on small-cap mandates |
Real-estate finance | Austrian regional banks, Hypo banks | Universal/regional | Lower funding costs, larger books |
Investor apartments | Vienna residential developers and investor-apartment providers | Developers | Product overlap in Vorsorgewohnungen |
