Michael Mendel, Deputy Chief Executive Officer of Österreichische Volksbanken-AG (VBAG), was today elected as the new Supervisory Board Chairman of HETA, the wind-down unit established for the former Hypo-Alpe-Adria Bank. Mr. Mendel also joins the Managing Board of ABBAG, HETA's parent company.

Michael Mendel remains a member of the Managing Board and deputy CEO of VBAG.

He has demonstrated his expertise in winding down bank assets in recent years with his professional, systematic and swift handling of asset reduction at VBAG. In future he will also place this expertise at the disposal of the HETA Group.

VBAG's Supervisory Board has approved the appointment of Michael Mendel to his duties at HETA.

For further information contact:
Petra Roth
Österreichische Volksbanken-AG
Mobile phone: +43 (0)664 6129223
Mail to: petra.roth@volksbank.com

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