14 December 2022: Final SREP letter received
Addiko Bank AG received the final SREP letter for 2023 confirming the anticipated capital ratios as already communicated in the 3Q22 disclosure. The new SREP decision applies from 1 January 2023:

• Pillar 2 Requirement (P2R) unchanged at 3.25%, of which at least 56.25% must be held in Common Equity Tier 1 (CET1) capital and at least 75% in Tier 1 capital
• Pillar 2 Guidance (P2G) at 3.25% (up from currently 2.0%)

31 May 2022: Edgar Flaggl appointed as Member of Addiko’s Management Board
Kurt Pribil, the Chairman of the Supervisory Board of Addiko Bank AG, is pleased to announce that Edgar will join the Management Board of Addiko Bank AG as Chief Financial Officer (CFO) as of 1 June 2022. Previously, Edgar has been serving in this role since 1 June 2021 with a direct report to the CEO.

2 February 2022: Final SREP letter received; draft capital ratios confirmed
Addiko Bank AG received the final SREP letter for 2022 confirming the already disclosed capital ratios (link). The new SREP decision applies from 1 March 2022:

• Pillar 2 Requirement (P2R) at 3.25% (down from currently 4.1% entirely in CET1), of which at least 56.25% must be held in Common Equity Tier 1 (CET1) capital and at least 75% in Tier 1 capital
  
• Pillar 2 Guidance (P2G) at 2.0% (down from currently 4.0%)
  

The currently ongoing Comprehensive Assessment, whose result is expected in the first half of 2022, may still have an effect on the Pillar 2 Guidance determined in the 2022 SREP cycle.

22 July 2021: Rating Action – Moody’s upgrades Addiko Bank AG’s long-term Counterparty Risk Assessment (CR Assessment) to Ba1 (cr) from Ba2 (cr) and its long-term Counterparty Risk Ratings (CRR) to Ba2 from Ba3 following an update of their methodology (outlook stable) (link)

11 May 2021: Moody’s updates credit opinion; ratings of Addiko Bank AG’s remain unchanged (outlook stable) (link)

16 February 2021: Periodic Review Announcement – Moody’s has not changed Addiko Bank AG’s ratings (outlook stable) (link)

9 February 2021: Addiko Group provides update on Mid-Term Targets and Dividend 2019 (pdf)

9 December 2020: Rating Action – Moody’s has not changed Addiko Bank AG’s ratings on December 4, 2020 (outlook stable) (link)

2 December 2020: Kurt Pribil elected as Chairman of the Supervisory Board
The Supervisory Board of Addiko Bank AG has elected Mr. Kurt Pribil as the new Chairman and Mr. Herbert Juranek as Deputy Chairman of the Supervisory Board in its constituent session on December 2, 2020 following the AGM on November 27, 2020.

26 November 2020: Link to the live broadcast of the Annual General Meeting of Addiko Bank AG on 27. November, 2020 published (Go to)

6 November 2020: Documents for the AGM on November 27, 2020 provided (link)

28 October 2020: Convocation to the AGM on November 27, 2020 announced (link)

7 September 2020: Addiko to be supervised by the ECB as of October 7, 2020 (link)

9 July 2020: Link to the live broadcast of the extraordinary General Meeting of Addiko Bank AG on 10. July, 2020 published (Go to)

3 July 2020: Statement by the Supervisory Board of Addiko Bank AG to the shareholder request pursuant to Section 110 AktG (link)

2 July 2020: Proposed resolutions of shareholders on the agenda of the Extraordinary General Meeting pursuant to Section 110 AktG (link)

29 June 2020: Rating Action – Moody’s has not changed Addiko Bank AG’s ratings on June 26, 2020 (outlook stable)  (link)

25 June 2020: Statement by the Supervisory Board of Addiko Bank AG to the addition to the agenda of the Extraordinary General Meeting (link)

23 June 2020: Addition to the agenda of the Extraordinary General Meeting(link)

22 June 2020: Ganesh Krishnamoorthi appointed Chief Retail, IT and Digitalization Officer from August 1, 2020 (pdf)

19 June 2020: Convocation to extraordinary GM for July 10, 2020 announced (link)

26 May 2020: Announcement of 2020 capital requirements according to SREP decision
Addiko Bank AG received the decision of the FMA relating to SREP capital requirements for 2020.
Addiko Bank AG hereby informs that on May 26, 2020, Addiko Bank AG received from the Financial Market Authority (FMA) the formal decision regarding the SREP 2020 capital requirements. As previously disclosed the decision reflects the latest draft and amounts to a Pillar 2 Requirement (P2R) of 4.1% and a Pillar 2 Guidance (P2G) of 4% on holding level as well as at the level of the Addiko Group. Further details are contained in the Earnings Release for the first quarter 2020 (1Q20) published on May 19th, 2020. In connection with P2G, the FMA has requested, after determining the effects of Covid-19 on Addiko Bank AG, to present a capital plan by February 2021, which explains how and in what timeframe this recommendation will be complied with. The SREP process considering 2019 and 2020 developments has been started, with the corresponding draft SREP 2021 decision expected in late autumn 2020.

31 March 2020: Addiko Bank AG to postpone its Annual General Meeting in the context of the coronavirus pandemic to the fourth quarter 2020 (pdf)

5 February 2020: Addiko Group publishes preliminary results for the year 2019 (pdf)

20 December 2019: Announcement of MREL requirement
Addiko Bank AG received the decision of the SRB relating to MREL requirement.
Addiko Bank AG hereby informs that on December 17, 2019, Addiko Bank AG received from the Financial Market Authority (FMA) the formal decision of the Single Resolution Board (SRB) relating to the MREL requirement (minimum requirement for own funds and eligible liabilities), which amounts to 20.58% of Total Liabilities and Own Funds (TLOF) on consolidated level. The MREL requirement shall be reached by December 31, 2023 and from that date shall be met at all times.
As previously disclosed the decision for the MREL requirement is based on the Single Point of Entry (SPE) approach, while Addiko Bank AG is in preparation to meet all requirements for a Multiple Point of Entry (MPE).

6 December 2019: Rating Action – Moody’s confirms Addiko Bank AG’s ratings (outlook stable) concluding the rating review for Addiko opened on 11 October 2019 and reflecting the bank’s announcement on 19 November 2019 to postpone a planned issuance of subordinated debt

9 November 2019: Addiko Group publishes 3Q19 earnings

11 October 2019:Rating Action – Moody’s places Addiko Bank AG’s deposit ratings on review for upgrade and assigns first time Ba3 rating to Subordinated Tier 2 Notes, on review for upgrade

10 October 2019: Management hosted an investor and analyst call

20 August 2019: Addiko Group publishes 1H19 financial report

12 August 2019: Citigroup Global Markets Limited, acting as Stabilization Manager, exercised the Greenshoe in full (975,000 shares)

7 August 2019:Timing and details for 1H19 results announcement published

14 December 2022: Slovenian Constitutional Court Rejects Retroactive Swiss Franc Law, Confirming Addiko’s Legal View
(pdf)
Today the Slovenian Constitutional Court published the rejection of the so-called Swiss Franc Law that came into force in February 2022. The law was suspended by the Slovenian Constitutional Court on 10 March 2022 until its final decision which was published today. It aimed at retroactively redistributing the foreign-currency risk to banks. According to the decision, not all conditions for a constitutionally permissible retroactivity were met. On the one hand, the retroactivity affected the entire law and not only single provisions, on the other hand, no particular public interest has been demonstrated which would exceptionally allow a retroactivity. The Constitutional Court voted 7:1 in favour of the rejection and clearly confirms Addiko’s legal view.

The rejected law aimed at restructuring consumer loans denominated in CHF (or containing a currency clause in CHF) that were concluded between 28 June 2004 and 31 December 2010. The law would have required lenders to retroactively introduce an exchange rate cap clause in relation to all such agreements for CHF loans concluded in the aforementioned period.

By rejecting the law, the Slovenian Constitutional Court eventually upheld the constitution and legislation of the Republic of Slovenia as well as European law. Addiko in February 2022 had estimated a worst-case-impact for the bank of up to EUR 110 million.

Since new measures for a regulation of the CHF loan topic in the future cannot be excluded, Addiko will continue to actively pursue a solution together with other banks and the government to ensure definitive legal certainty and a balanced approach.

2 February 2022: Slovenia: retroactive CHF law passed; preliminary impact assessment conducted (pdf)
Today, the National Assembly of Slovenia passed the “Law on limiting and distributing currency risk among creditors and borrowers of loans in Swiss francs”.

The purpose of the law is to restructure consumer loans denominated in CHF (or containing a currency clause in CHF) that were concluded between 28 June 2004 and 31 December 2010. Inter alia, lenders are required to retroactively introduce an exchange rate cap clause in relation to all such agreements for CHF loans concluded in the aforementioned period.

Addiko Bank AG has decided to use legal remedies against the new law.

Despite the difficulties banks are facing in interpreting the law’s terms and the retroactivity of up to 17 years, Addiko Bank AG has conducted a preliminary impact assessment, according to which it assessed a negative impact caused by the implementation of the new law in the range of approximately EUR 100 to 110 million, based on its own interpretation and assuming a worst-case scenario. Such negative impact would result in a net loss for the financial year 2022. Consequently, no dividends are expected to be paid out for the financial years 2021 and 2022.

Based on the preliminary impact assessment, Addiko Bank AG reiterates the expectation that both Addiko Bank AG and Addiko Group will remain well above mandatory capital requirements and its existing capitalisation will be sufficient to cover the impact from the implementation of the law. At the end of third quarter 2021, the transitional CET1 ratio stood at 19.8% for Addiko Group (19.1% IFRS 9 fully-loaded) and the transitional and fully-loaded CET1 ratio at 46.86% for Addiko Bank AG.

According to preliminary and unaudited year-end 2021 financials, the transitional CET1 ratio of Addiko Group improved to 21.8% on a transitional basis and 21.2% IFRS 9 fully-loaded compared to the third quarter 2021.

25 January 2022: Republic of Slovenia planning to vote on retroactive CHF law (pdf)
On 19 January 2022, the Finance Committee of the National Assembly of Slovenia resolved to support the draft “Law on limiting and distributing currency risk among creditors and borrowers of loans in Swiss francs”, putting it to the vote in the National Assembly of Slovenia in the week of 31 January 2022. Based on information obtained today, there is a high probability that the parliament might vote in favour of the law. If passed, such law would come into effect 15 days after publication in the official gazette.

The purpose of the proposed law, based on the available draft, is to restructure consumer loans denominated in CHF (or containing a currency clause in CHF) that were concluded between 28 June 2004 and 31 December 2010. Inter alia, lenders are required to retroactively introduce an exchange rate cap clause in relation to all such agreements for CHF loans concluded in the aforementioned period.

Addiko Bank AG does not yet have all details for a reliable impact assessment in case the law is passed. However, such law, if passed, would have a negative impact on the currently valid dividend policy and the financial results of the bank which operates in Slovenia through its subsidiary Addiko Bank d.d.

Based on a transitional CET1 ratio of 19.8% for Addiko Group (19.1% IFRS 9 fully-loaded) and 46.86% transitional and fully-loaded for Addiko Bank AG at the end of third quarter 2021, Addiko Bank AG expects both Addiko Bank AG as well as Addiko Group to remain well above mandatory capital requirements and its existing capitalisation to be sufficient to cover possible impacts from the potential implementation of the aforementioned law.

8 November 2021: Addiko Bank AG discloses draft SREP letter for 2022 (pdf)
Addiko Bank AG has received a draft SREP letter for 2022 indicating a Pillar 2 Requirement (P2R) of 3.25% (down from currently 4.1%, in its entirety to be held in CET1), to be held in the form of 56.25% of Common Equity Tier 1 (CET1) capital and 75% of Tier 1 capital, as a minimum.

I addition, the draft letter foresees a Pillar 2 Guidance (P2G) of 2.0% (down from currently 4.0%) which should be comprised entirely of Common Equity Tier 1 (CET1) capital. The ongoing Comprehensive Assessment, whose result is expected in the first half of 2022, will have an effect on the final evaluation of the P2G.

Addiko Bank AG’s target capitalisation and dividend guidance currently remains unaffected and will be aligned with the regulator in the course of the update of the bank’s mid-term targets.

30 March 2021: Herbert Juranek to step down from Supervisory Board as of the close of the AGM 2021 (pdf)
As disclosed on 26 March 2021, Mr. Herbert Juranek will serve as Chief Executive Officer (CEO) of Addiko Bank AG from 1 May 2021.

Consequently, the Deputy Chairman of the Supervisory Board of Addiko Bank AG, Mr. Herbert Juranek, has today announced to already step down from his function as Deputy Chairman and member of the Supervisory Board as of the close of the Annual General Meeting on 26 April 2021.

26 March 2021: Supervisory Board Approves Changes in the Management Board (pdf)
The Supervisory Board of Addiko Bank AG has today resolved on changes in the Management Board of Addiko Bank AG.

From 1 May 2021, Mr. Herbert Juranek, who is currently the Deputy Chairman of the Supervisory Board of Addiko Bank AG, will serve as Chief Executive Officer (CEO). Consequently, Mr. Juranek will step down as Deputy Chairman and member of the Supervisory Board of Addiko Bank AG with 30 April 2021.

Mr. Juranek is an experienced senior banker with a track record serving in several Management and Supervisory Board positions in financial institutions active in the CSEE market. Mr. Juranek will lead the Management Board of Addiko Bank AG to further accelerate the established strategy and tap additional growth opportunities leveraging Addiko’s capabilities with focus on digital Consumer & SME lending and cost efficiency.

Mr. Csongor Nemeth who is currently the Chief Executive Officer (CEO) will leave Addiko Bank AG with 31 May 2021.
Mr. Markus Krause who is currently the Chief Risk & Financial Officer (CRO & CFO) will leave Addiko Bank AG with 31 May 2021.

Mr. Ganesh Krishnamoorthi will continue to serve as Chief Retail, IT and Digitalization Officer (CRBO & CIO).

Following the departure of Mr. Krause, the Management Board will be complemented by a third Member to serve as Chief Risk Officer. Further details will be shared in due course.

Csongor Nemeth thanks the Supervisory Board for having had the opportunity to serve as CEO. He is proud of the achievements delivered by Team Addiko and to hand the institution over to the new leadership team with a solid financial standing.

The Supervisory Board sincerely thanks Mr. Nemeth and Mr. Krause for their valuable contribution since 2015 and for setting the solid foundation for the future. The Supervisory Board is confident that the strengthening of the Management Board provides an opportunity for continued value generation via an accelerated transformation of the bank, its digital reach and capabilities in the Consumer and SME segments as well as cost efficiency improvements.

29 October  2020: Henning Giesecke announced resignation from the Supervisory Board as of the close of the AGM 2020 (pdf)
The Deputy Chairman of the Supervisory Board of Addiko Bank AG, Mr. Henning Giesecke, has today announced to resign from his function as Deputy Chairman and member of the Supervisory Board as of the close of the Annual General Meeting on November 27, 2020.

Mr. Giesecke has been on the Supervisory Board of Addiko Bank AG since the beginning of the transformation in 2015, with the primary focus on establishing a prudent risk approach and implementing Addiko’s sustainable new risk framework.

3 September 2020: Hans-Hermann Lotter announced resignation as Supervisory Board Chairman and member as of the close of the AGM 2020
(pdf)
The Chairman of the Supervisory Board of Addiko Bank AG, Mr. Hans-Hermann Lotter, has today announced to resign from his function as Chairman and member of the Supervisory Board as of the close of the Annual General Meeting in the fourth quarter 2020.

Mr. Lotter has been on the Supervisory Board of Addiko Bank AG since the beginning of the transformation in 2015 and, in his role as Chairman of the Supervisory Board, recently laid the foundation for an accelerated implementation of the strategy with the reorganization of the management team, while at the same time ensuring an appropriate response of the Management Board to the Covid-19 pandemic.

10 July 2020: Supervisory Board Members elected (pdf)
The extraordinary General Meeting of Addiko Bank AG held today on 10 July 2020, has elected Mrs. Monika Wildner and Mr. Kurt Pribil as members of the Supervisory Board of Addiko Bank AG.

4 June 2020: Prolongation of Management Board mandates (pdf)
In its meeting on June 4, 2020, the Supervisory Board of Addiko Bank AG decided to prolong the mandates of the Management Board members Csongor Nemeth and Markus Krause until June 30, 2023.

26 May 2020: Changes in the Management Board / Supervisory Board Approves New Management Board (pdf)
The Supervisory Board of Addiko Bank AG has today resolved on a new setup of the Management Board of Addiko Bank AG, which will in the future be constituted by the following persons:
From 1st July 2020, Mr. Csongor Nemeth who is currently the Chief Corporate & SME Banking Officer, will serve as Chief Executive Officer (CEO).
From 27th May 2020, Mr. Markus Krause who is currently the Chief Risk Officer (CRO), will assume responsibility for the Chief Financial Officer (CFO) function, in addition to his duties as CRO.

Both Mr. Nemeth and Mr. Krause have been members of the Management Board during the successful transformation of Addiko Group since 2015 and were integral members of the leadership team which completed the IPO in 2019.

From 1st August 2020, the Management Board will be extended by a third Member, serving as Chief Retail & IT Officer, further details will be shared in due course.

Mr. Razvan Munteanu, currently CEO, expressed his intention to offer his resignation at the request of the Supervisory Board as of 1st July 2020, determined by the differing views on the set-up and timing of the Management Board changes.

The Supervisory Board is confident that the solid financials of the bank – capital base, liquidity, risk provisions in anticipation of the deteriorating macroeconomics – combined with the new Management Board set-up will accelerate the transformation of the bank along the lines of its set strategy, giving new impetus to digital initiatives in the consumer and SME segments, as well as efficiency and cost programs.

The Supervisory Board wishes to thank Mr. Munteanu for the contribution in shaping Addiko Bank through the design and implementation of its distinctive strategy.

22 May 2020: Changes in the Management Board (pdf)
The Chief Financial Officer (CFO) of Addiko Bank AG, Mr. Johannes Proksch, has expressed his willingness to resign from his function as a member of the Management Board to the Supervisory Board. The decision was made for differing views. Details will be formally finalized within the next few days.

Over the last ten years Mr. Johannes Proksch has led as CFO and Chief Transformation Officer (CTO) the successful restructuring and transformation of Addiko Bank into last year’s listing on the Vienna Stock Exchange. The Supervisory Board thanks Mr. Proksch at this stage for his longstanding commitment and his successful efforts in transforming Addiko into a focused consumer and SME lender in the CSEE region.

20 May 2020: Hans-Hermann Lotter elected as Chairman of the Supervisory Board (pdf)
Following the resignation of the former chairman of the supervisory board of Addiko Bank AG, Hermann-Josef Lamberti, announced on May 15, 2020, the supervisory board of Addiko Bank AG has elected the previous deputy chairman Hans-Hermann Lotter as the new chairman of the supervisory board in its session on May 20, 2020. Henning Giesecke remains deputy chairman of the Supervisory Board.

15 May 2020: Changes in the Supervisory Board (pdf)
The chairman of the supervisory board of Addiko Bank AG, Mr. Hermann-Josef Lamberti, has today handed in his resignation from his function as member and chairman of the supervisory board. The decision was made for personal reasons and follows the IPO 2019 and the decrease of the shareholding of the former main shareholder.

The management board and the supervisory board of Addiko Bank AG would like to thank Mr. Lamberti for his many years of commitment to the group.

Until the election of a new chairman by the supervisory board, the deputy chairman of the supervisory board, Mr. Hans Lotter, will perform the duties of the chairman in accordance with the articles of association and the law.

4 October 2019: Addiko Bank AG discloses draft SREP for 2020 (pdf)
Addiko Bank AG has received a draft SREP for 2020 indicating a Pillar 2 Requirement (P2R) of 4.3% (4.1% for 2019). In addition, a Pillar 2 Guidance (P2G) of 4% is foreseen by the draft decision. Addiko Bank AG will engage with the regulator on the basis of the draft decision, addressing a variety of technical aspects on both P2R and P2G.

1 October 2019: Ruling by the Supreme Court of the Republic of Croatia regarding CHF clauses / Preliminary assessment (pdf)
The Issuer has published an ad hoc release on 17 September 2019 regarding the Croatian Supreme Court‘s ruling on the nullity of foreign exchange clauses used in CHF-denominated loans.

After further assessment, the Issuer expects that loan contracts which were not converted into EUR under the Croatian Consumer Credit Act 2015 are potentially affected by the ruling and could become the subject of individual claims for restitution. Addiko is prepared to avail itself of any legal recourse against individual claims filed.

As of the date hereof the management expects a potential provision, in the high single digit million Euro range, to be reflected in the third quarter 2019 financials dependent on the further evolvement of the circumstances.

17 September 2019: Ruling by the Supreme Court of the Republic of Croatia regarding CHF clauses (pdf)
On September 17, 2019 the Supreme Court of the Republic of Croatia rendered a ruling in collective consumer protection claims against eight large banks in Croatia, including Addiko Bank d.d. (Zagreb), rejecting their revisions and deciding that CHF clauses used in loan agreements, linking payments in local currency to CHF, are null and void.

As a consequence of the judgment, consumers who concluded loan agreements with Addiko Bank d.d. (Zagreb) may have a right to claim nullity of the respective CHF clause with individually filed disputes.

Addiko Bank AG is currently analyzing the ruling and is assessing any impact related thereto as well as possible legal remedies.