Oberbank CEO Gasselsberger on leaving: 'I would have been ashamed of state aid'

Franz Gasselsberger, the long-serving CEO of Oberbank, is preparing to step down, leaving behind a legacy of strong financial performance and a clear, often outspoken, perspective on the banking industry. Reflecting on his tenure, Gasselsberger noted that he has witnessed ten chancellors and ten finance ministers, but emphasized that the true strength of the country lies in its diligent companies and entrepreneurs. He dismissed any notion of envy towards politicians, stating that their constraints are far greater than those of a CEO and that he would be unsuited for political life due to a lack of diplomacy and differing thought processes. Gasselsberger also announced he will relinquish his role as honorary consul at the end of the year.

Gasselsberger did not mince words when discussing the bank levy, arguing it is detrimental to the economic location. He stressed the necessity of healthy, well-capitalized banks for credit availability and deposit security, concepts he feels are often too abstract for politicians. He believes bankers should articulate these points more forcefully, attributing the current lack of advocacy to a deficit in civil courage or resignation. Despite Oberbank's consistent record profits, Gasselsberger finds the additional bank levy unfair, especially considering the bank's substantial contributions over 40 years through dividends, corporate taxes, and the levy itself. He highlighted Oberbank's high capital ratios and social contributions, asserting that forcing well-managed banks to pay nearly 20 million euros extra annually is unjust when they already pay significant corporate taxes and wage-related costs.

In contrast to many other institutions, Oberbank navigated the global financial crisis starting in 2007/2008 without requiring state assistance. Gasselsberger firmly stated that the bank's principle has always been self-reliance. He also revealed that he has made significant changes to the leadership team, replacing half of the first management level with individuals possessing experience from other industries and privately-owned companies, aiming to increase the company's agility and reduce his personal involvement in operational decisions.