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Willibald Cernko becomes the new CEO of Erste Team

At Austria’s largest financial institution, the program for the new appointments to the govt flooring was established on Wednesday. The recent corporate customer board member of Erste Bank Oesterreich was appointed by the supervisory board in an incredible assembly to thrive CEO Bernd Spalt, who astonishingly declared a month back that he would not renew his agreement. The 65-calendar year-old is scheduled to get up his new submit on July 1. He is also established to choose on the role of Chief Retail Officer.

“I am quite delighted that in Willi Cernko we have discovered a purchaser-oriented, expert and very well-connected CEO for Erste Team,” claimed the Chairman of the Supervisory Board of Erste Group, Friedrich Rödler, according to the broadcast. “I’m taking in excess of the chairmanship of an excellently managed and effectively-positioned banking group and I’m extremely joyful about this new undertaking,” Cernko is quoted as indicating.

Look for for a successor below strain

This action turned essential due to the fact the former CEO, Bernd Spalt, introduced in Could that he would depart the financial institution following the end of his contract, which ran right up until future yr.
Spalt’s departure thus set strain on the very long-time chairman of the supervisory board of Erste Group, Friedrich Rödler. He had to uncover a successor speedily. In the finish, the only query was whether Cernko was a lot more than an interim alternative. Simply because by 2025 at the hottest, Peter Bosek could return to Vienna as a new powerful person.

Bosek was eliminated (not fully on very good phrases) for the reason that he was handed around in 2017. Now he is head of Luminor Bank in Estonia. It would be the much more long run-evidence selection for quite a few. Internally, Cernko is not credited with a great deal modernization energy, neither in the banking region nor with the recent weaknesses in the in-household management.

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Even so, Bosek is not still obtainable because of to his existing deal. He is to offer Luminor Lender by 2024 and would be handsomely rewarded by owner Blackstone in the party of a deal. Soon after that he could open once more in Vienna.

From Raiffeisen to Bank Austria to Erste Team

So Cernko adds the government chair of Erste Team to his prolonged record of influential posts in domestic banking. Born in Knittelfeld, he started out his vocation at Raiffeisen. His path then led to the Creditanstalt in Vienna, which many thanks to the merger turned aspect of Lender Austria and was then taken more than 1st by HVB and then by UniCredit. Only then did he locate his way into the discounts financial institution group.

Cernko moved from the Raiffeisenkasse Obdach-Weißkirchen to the Creditanstalt in 1985, which formed him so much that 30 many years later, when the institute had lengthy considering that ceased to exist, he pointed out his robust roots in “CA”. In 1998, the Creditanstalt was merged into Bank Austria, wherever Cernko managed the Jap European business from April 2002. Having said that, it was only for a yr prior to he was appointed to the Bank Austria Board of Administration, where by he was liable for personal consumer small business. In 2006, he also assumed this position at HypoVereinsbank (HVB), shortly in advance of UniCredit took around the helm there.

At the close of 2007, underneath tension from the German financial marketplace supervisory authority, he experienced to come to a decision concerning the two board positions at the sister financial institutions Financial institution Austria and HVB – and he went to Munich and gave up the Viennese board task, but remained represented in vital UniCredit committees. In Milan he was dependable for the two main markets of Austria and Germany for the private shopper division at team level until finally he returned to Austria in Oct 2009 as CEO of Lender Austria UniCredit.

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He held this situation right until 2016. When he didn’t go away totally voluntarily, the media wrote, “in the financial sector it is very likely that Cernko does not think about his occupation to be in excess of.” This assumption immediately proved to be suitable. At the beginning of 2017, Cernko turned Chief Danger Officer at Erste Team, from July 2019 he was Board Member for Company Shoppers at Erste Lender Oesterreich, and from January 2021 he was also Deputy CEO of Erste Lender. From there he has now achieved the maximum put up in the keeping corporation.

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