The EAA continues to operate in the black and is making good progress in reducing WestLB legacy positions

The EAA concluded the first half of the 2017 fiscal year with a net profit of EUR 9.6 million. In doing so, it was able to further reduce the credit and securities portfolio transferred for wind-up by around 10% from January to June to a notional amount of EUR 26.8 billion, and derivative financial products in the trading portfolio by around 14% to EUR 223.5 billion. “The notional wind-up and the result achieved in the first half of 2017 were again more positive than expected within the scope of our planning,” said Matthias Wargers, Spokesman of the EAA Managing Board.



Change in Managing Board of Erste Abwicklungsanstalt (EAA)

Markus Bolder (53) will not be extending his contract as member of the Managing Board at Erste Abwicklungsanstalt (EAA) once it runs out on 30 June 2017, and will instead be focusing on new challenges after more than seven years on the Board. This was announced today by Chairman of the EAA Supervisory Board and State Secretary in the Finance Ministry of North Rhine-Westphalia, Rüdiger Messal, in Düsseldorf. Bolder will be replaced on the EAA Managing Board by Christian Doppstadt (49). Doppstadt has been Head of Credit Risk Management at EAA since 2014, and is very familiar with both the tasks and the portfolio.



EAA privatises its portfolio management subsidiary

Erste Abwicklungsanstalt (EAA) has sold its portfolio management subsidiary to Mount Street Group. The financial service provider headquartered in London will take over EAA Portfolio Advisers GmbH (EPA) including its approximately 90 employees at offices in London, Düsseldorf, New York and Madrid. Post-acquisition, EPA will remain a separate company providing tailored services for the EAA portfolio until at least 2020. The transaction is yet to be approved by the relevant regulatory authorities and a Closing is expected in the first half of 2017.


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Current vacancies at EAA

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Current vacancies at EAA Group

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Erste Financial Services (EFS)

EFS is the largest service provider of the EAA. To secure critical services for the portfolio wind-up going forward EAA took over the company from Portigon AG in the first half of 2016.

As an EAA subsidiary, EFS has defined its profile more distinctly. It has an international outlook and offers a broad range of services from credit services to data mangement and IT services.



EAA Portfolio Advisers (EPA)

EPA is a wholly owned subsidiary of the EAA and currently manages a portfolio greater than €30bn, covering a broad range of asset classes, sectors and regions. Specialist teams handle a significant volume of complex non-performing, specialized, and structured credit portfolios.

One of EPA’s objectives is to provide maximum transparency over portfolio and risk positions in order to empower decisions and to react quickly to external developments while meeting relevant regulatory requirements.