“Crédit Agricole Savings”, the digital platform launched in Germany
As of 15 of April, retail customers in Germany can take advantage of a new investment offering from Crédit Agricole. With “Crédit Agricole Savings”, the European banking group has developed a digital platform for savings solutions and offers a wide range of different savings options, which will be significantly expanded over the course of this year. The launch of Crédit Agricole Savings is part of Crédit Agricole S.A.’s ACT 2028 Medium-Term Plan, with the aim of collecting €40 billion in deposits, including €30 billion in Germany.
With its long-standing presence in Germany and deep expertise in savings solutions, Crédit Agricole offers a new, forward-looking approach. The slogan “Think big for your money” sums up this goal: the expertise and solidity of a leading European banking group enable reliable, responsible, and long-term savings solutions that are specifically tailored to the German market.
Interested savings customers can find the new digital platform here: www.credit-agricole-savings.com
The comprehensive launch offering is one of the largest on the market and includes seven products, ranging from flexible overnight deposit solutions to long-term fixed-term deposits.
Tagesgeld Flex*, a savings account with flexible deposits and immediate access to funds (maximum amount: €15,000)
Tagesgeld Plus*, combining a base interest rate with a loyalty bonus rate after 12 months (maximum amount: €50,000)
Tagesgeld Ziel*, based on mandatory monthly contributions with fixed commitment periods of 12 to 60 months (maximum amount: €60,000)
Festgeld Wachstum **, a term deposit offering a progressive interest rate over 36 to 60 months, with interest capitalized at maturity and early withdrawal possible subject to a 31-day notice period
Festgeld langfristig **, a long-term fixed-rate term deposit with maturities ranging from 24 to 120 months and interest capitalized at maturity
Festgeld kurzfristig **, a short-term fixed-rate term deposit with maturities of 1, 3, 6, 9, or 12 months, automatically renewable and with interest paid at maturity
Festgeld ausschüttend **, a term deposit with fixed interest rates and periodic interest payments (monthly, quarterly, or annually) over 24 to 120 months
“Crédit Agricole Savings” is a platform developed to the highest market standards and offers:
a fully digital and secure onboarding process,
an intuitive user interface that provides a clear overview of savings accounts and products,
transparent and easily accessible product information,
digital decision-making tools to help find the right savings solutions,
and expert customer support by phone in German.
The launch of the mobile app is planned for September to further improve the customer experience and everyday access to the platform via the app. By the end of 2026, the platform will be launched in three additional European countries. The range of savings and investment solutions will also be further expanded during the first quarter of 2027.
Stéphane Priami, Deputy General Manager of Crédit Agricole S.A. in charge of the International Banking & Services division, says: “Germany is one of Europe’s largest and most demanding savings markets, characterized by a strong savings culture, a preference for capital protection, and a high level of trust in long-established financial institutions. We are positioning ourselves as a trustworthy European partner with a long-term commitment, reliability, and an attractive product offering on a modern platform. ‘Crédit Agricole Savings’ will further solidify our position as one of Europe’s leading universal banks.”
Crédit Agricole has been present in Germany for more than 70 years and, through seven subsidiaries, and more than 2,000 employees, serves large and medium-sized enterprises, institutional clients, financial institutions, and private customers. The launch and further expansion of “Crédit Agricole Savings” underscore the Group’s ongoing commitment to Germany.
* Savings accounts
Subject to a 31-day notice period
Limited to one account per client
** Term deposits
Minimum investment: €5,000
Maximum investment: €1,000,000
Single initial deposit
Funds available at the end of the commitment period
No limit on the number of products per client
Crédit Mutuel Alliance Fédérale expands in Germany with the acquisition of OLB, making TARGOBANK a universal bancassurer
Crédit Mutuel Alliance Fédérale has reached a major milestone in the development of its banking and insurance model in Europe with the signature of an agreement to acquire 100% of German bank Oldenburgische Landesbank (OLB) via its subsidiary TARGO Deutschland GmbH (TARGOBANK).
This transaction, on a scale not seen since the acquisition of Citibank in Germany in 2008 (renamed TARGOBANK), demonstrates the solidity and ambitions of Crédit Mutuel Alliance Fédérale. Already present in Germany, the mutual banking group is strengthening its foothold in Europe’s largest economy.
This move accelerates TARGOBANK’s path to becoming a universal bancassurance player in Germany, following the model of its parent company. The consolidated group will become the tenth largest bank in Germany in terms of assets, with a comprehensive offering in corporate financing serving Mittelstand companies and in retail banking.
The estimated impact of the transaction is -115 basis points on Crédit Mutuel Alliance Fédérale’s CET1. This transaction is subject to the approval of the regulatory authorities, in particular the European Central Bank (ECB) and the competition authorities.
BNP Paribas signs an agreement with HSBC for the acquisition of their Private Banking activities in Germany
BNP Paribas announced yesterday that it has signed an agreement with HSBC for the acquisition of their Private Banking activities in Germany, with the ambition to position BNP Paribas Wealth Management among the top leading players in Germany and bringing its AuM1 to more than €40bn.
A key geography for BNP Paribas, Germany offers strong growth potential for wealth management activities, most notably within the Mittelstand (German SMEs) and with the German Entrepreneurs and Families client segment. Leveraging on BNP Paribas’ diversified and integrated business model, BNP Paribas Wealth Management aims to provide these entrepreneurial clients with a comprehensive service offering, ranging from investment and corporate banking to asset management, all pooled from BNP Paribas’ well-established different franchises.
With a strong focus on HNW and UHNW² individuals and a complementary regional coverage, most notably in North Rhine-Westphalia, HSBC’s Private Banking activities perfectly fit within BNP Paribas Wealth Management’s model and will enable BNP Paribas to rank among the leading wealth management players in the country. Part of the Investment and Protection Services division, BNP Paribas Wealth Management ranks as the first Private Bank in the eurozone with global AuM standing at €446bn at the end of June 2024.
“This acquisition is a new crucial step in positioning BNP Paribas Wealth Management among the leading players in Germany, where we believe our model is best suited to serve the long-term needs of entrepreneurial clients, leveraging on the strong franchises of the Group to both address their personal and corporate needs. It will therefore contribute to consolidate our position as the first Wealth Management player in the Eurozone,” comments Vincent Lecomte, CEO of BNP Paribas Wealth Management.
“Germany is a key strategic market for BNP Paribas with a local presence of more than 75 years. Our twelve business lines make our business model one of the most diversified and resilient ones in the German banking sector. The further development of our Wealth Management franchise is an integral part of our growth plan within the German economy. Wealth Management in Germany serves as an entry portal for our clients into the entire portfolio of services of the BNP Paribas Group, in particular in Corporate & Institutional Banking, Real Estate, Asset Management and Securities Services,” adds Lutz Diederichs, CEO of BNP Paribas Germany.
The closing of this transaction is expected during the second semester of 2025, once regulatory approvals have been obtained.
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1: Assets under Management²: High-net-worth and Ultra-high-net-worth individuals
Deutsche Bank appoints Raffael Gasser as Head of Wealth Management and Private Banking in Germany
Deutsche Bank has appointed Raffael Gasser as Head of Wealth Management & Private Banking in Germany. In this business area, the bank serves affluent and wealthy up to ultra-high-net-worth clients in its home market. Effective November 1, 2024, Gasser will assume the position and become a member of the Private Bank Executive Council. He will report to Claudio de Sanctis, the Deutsche Bank Management Board Member responsible for the Private Bank.
Claudio de Sanctis said: “Throughout his career Raffael has combined business areas several times, has consistently aligned the offering to the needs of the clients and has thus enabled new business and growth. With his deep knowledge of the German market, he brings the best experience to lead our business in the home market into the next phase: As the clear market leader among affluent and wealthy clients in Germany, we now want to continue to grow through a closer integration of Private Banking and Wealth Management. I am looking forward to further driving our strategy together with Raffael.”
Gasser joins from UBS in Zurich, where he has led the Northern European business with wealthy clients. Prior to UBS, he spent 14 years at Credit Suisse in various senior positions in Wealth Management, most recently as a member of the Management Committee of Global Wealth Management and as Head of Private Banking International, the business unit for wealthy clients worldwide who were managed in Switzerland. Prior to this, he was among others as CEO of Credit Suisse in Luxembourg responsible for various European branches and before that for the German market. The Swiss national started his career in 2002 with Goldman Sachs, followed by a tenure at McKinsey & Company from 2003 to 2009 where he focused on corporate finance and banking.
Raffael Gasser said: “It is a unique mandate to lead Deutsche Bank’s Private Banking and Wealth Management as market leader in its home market. I am convinced that we can further expand our leading position through outstanding personal advice in combination with digital channels and data analysis. In addition, there is great potential in the comprehensive offering of the Global Hausbank and in connecting the Private Bank, Corporate Bank and Investment Bank, which is of particular interest to family entrepreneurs. I am pleased to join my new colleagues and the bank’s excellent advisors and to give our best for our clients every day.”
Gasser will relocate to Frankfurt with his family. He will work closely with Dominik Hennen, Head of Personal Banking, who oversees the broad retail business of Deutsche Bank and Postbank. As a member of the Private Bank Executive Council, Hennen also reports to Claudio de Sanctis. Until Gasser joins, Hennen will temporarily head private banking, while Stefanie Rühl-Hoffmann, Head of the team for ultra-high-net-worth-individuals (UHNWIs) has interim responsibility for Wealth Management in Germany.
HDI Global appoints Stephan Geis as the new Managing Director for Germany
Stephan Geis has more than 15 years of experience in industrial insurance. Most recently, he was Head of Distribution Germany/Switzerland at Allianz Commercial, where he was responsible for the sales territory in Germany
“I am delighted to have brought Stephan Geis on board with HDI Global as new Managing Director Germany. Stephan is a proven expert in national and international industrial insurance. He has an exceptional grasp for the market and is highly regarded by customers, partners, and colleagues. With his personality and leadership style, he embodies our cultural values in the best possible way. I am confident that he will play a key role in shaping the strategic development of our German business and achieve the best possible results for our customers, partners and HDI Global.”Dr Barbara Klimaszewski-BlettnerMember of the HDI Global SE Executive Board, responsible for Claims Management and region Germany
“As our home market, the German market is an important pillar for HDI Global, accounting for over 25 percent of our overall result. Due to his many years of experience and extensive knowledge of the industry, Stephan Geis is well-positioned to maintain and expand our long-standing customer and partner relationships in Germany. I am looking forward to working with Stephan!”Dr Edgar PulsChairman of the HDI Global SE Executive Board and Switzerland.
Santander and Amazon launch their new credit card Amazon Visa in Germany which rewards customers for purchases at no annual fee
Amazon and Santander announced a partnership to launch its new Amazon Visa credit card in Germany. The card has no annual fee and does not require customers to open a new bank account. Amazon Visa enables customers to earn rewards while shopping on and off Amazon.de, which can be redeemed for purchases on Amazon.de.
Amazon Visa customers earn 1% rewards on Amazon.de purchases and 0.5% rewards on purchases when paying with their Amazon Visa elsewhere. Prime members benefit from extra rewards, as they earn 2% back from Amazon Visa spending on Amazon.de during select shopping events, which can include, for example, Prime Day. Cardholders can pay for their purchases quickly, intuitively, and securely through Zinia, Santander’s consumer finance platform, and they are able to choose between full and revolving payments anytime.
Tracking of the accumulated rewards balance is easy and intuitive via the Amazon Visa app, as well as the redemption of points at check-out on Amazon.de.
Customers receive a sign-up bonus, which will be credited to their first Amazon Visa monthly statement. Previous Amazon.de VISA Karten customers are currently eligible for a 25€ (Prime members) or 15€ (non-Prime) sign-up bonus when becoming an Amazon Visa customer. New customers receive a 15€ (Prime) or 10€ (non-Prime) sign-up bonus.
Ana Botín, Chairman of Grupo Santander said: “We are delighted to partner with Amazon in offering customers in Germany a way to earn rewards on their spending with the Amazon Visa card. Zinia, our digital consumer finance platform, continues to expand its capabilities and clients base while remaining committed to building strong relationships with top-tier merchants like Amazon throughout our markets.”
Rocco Bräuniger, Country Manager, Amazon Germany said: “We are excited to introduce Amazon Visa, a new payment option with no annual fee that offers attractive rewards to customers for their online and stationary retail purchases, and extra rewards for Prime members. We’re delighted to collaborate with Zinia in making it easier for all customers to shop and save and bringing even more value to the Prime membership”.
Floods in southern Germany – Allianz donates up to two million euros to rescue and relief services
As the leading building and motor insurer in Bavaria and Baden-Württemberg, Allianz is working hard to support affected customers competently, quickly and unbureaucratically
Claim adjustment task force: 600 loss assessors and service providers working on site, 6700 drying devices on their way to flood areas
More frequent weather extremes due to climate change: Allianz emphasizes interplay of prevention, insurance solutions and government support for extreme disasters
Heavy rain, high water and flooding have caused major damage in large parts of southern Germany over the past few days. Allianz is working hard for its customers during the crisis: Specialist claims units and Allianz agencies are supporting customers on the ground, and thousands of drying devices are on their way to the affected regions. Allianz is also donating one million euros to local fire departments, rescue organizations and technical relief services. Allianz will also double its employees’ donations of up to 500,000 euros – an internal donation campaign has already been launched. The employee donation will be handed over to the Red Cross.
In Wertingen, near Augsburg, this Thursday, three members of the Board of Management of Allianz in Germany – Lucie Bakker, Frank Sommerfeld and Jürgen Heinle – get a picture of the situation on the ground and thank the agencies and claims experts for their continuous efforts. Lucie Bakker, Chiefs Claims Officer of Allianz Versicherungs-AG, says:
“Due to climate change, we have to expect heavy rain, storms and floods more and more frequently. But every time we are shocked by the images from the disaster regions, we are stunned by the extent of the devastation and the worries of the people affected are concerning. Above all, our thoughts are with those who have lost family members. As one of the largest building and motor insurers in southern Germany, we at Allianz are mobilizing all our strength and expertise to provide our customers with uncomplicated and rapid support in this exceptional situation. With our donation to the rescue organizations, we are honoring the tireless efforts of thousands of emergency personnel who are saving lives and reducing property damage.”
Even though the acute flooding has receded in most areas, it is still too early to assess the extent of the damage. Where the water has already drained away, around 600 Allianz loss assessors, experts and external service providers are currently working to expertly assess the damage, discuss drying and repair measures and pay out advances. Construction drying equipment is in short supply after floods and is a much sought-after commodity: Allianz has therefore organized around 6,700 additional drying devices and is transporting them to the affected areas. The Allianz Craftsmen Service is also in action and provides Allianz policyholders with professional craftsmen quickly and easily.
A detailed interview with Lucie Bakker on Allianz’s flood claims management can be found here.
Allianz employees are also affected by the flood. These employees can apply for paid leave of 2 to 5 days.
Following the floods in the Ahr valley, the widespread flooding in Bavaria and Baden-Württemberg is yet another reminder that extreme weather conditions are increasing in frequency and severity as a result of global warming. In Germany, the demand for compulsory insurance is being discussed. Allianz believes that a compulsory insurance model alone is not a reasonable alternative. Klaus-Peter Röhler, member of the Allianz SE Board of Management responsible for business in Germany, calls for a coherent overall concept against increasing natural hazards (link to detailed statement):
“We need to arm ourselves against more frequent extreme weather events. Compulsory insurance would not have prevented a single loss. It is also neither solidary nor democratic, because it takes away customers’ freedom of choice. At Allianz, we offer every residential building policy with a natural hazard protection option – a voluntary opt-out must always be possible.
We need an overall concept against natural hazards that is based on three building blocks: prevention and protective measures for climate impact adaptation, risk-appropriate insurance cover and state support for extreme natural disasters. This is the only way we can break the spiral of increasing damage caused by extreme weather events and rising premiums.”
E+S Rück expects further improvements in prices and conditions for property and casualty reinsurance in Germany due to sustained high inflation and claims expenditure
E+S Rückversicherung AG, the Hannover Re subsidiary responsible for the Group’s German business, expects further price increases and improved conditions in the 1 January 2024 renewals in property and casualty reinsurance.
Natural disasters and persistently high inflation have again taken a toll on the German insurance industry in the current year. The resulting ongoing rise in reconstruction and repair costs continues to adversely impact the insurance sector’s profitability.
“We must assume that the multi-year trend towards higher claim payments will continue. Adequate prices are indispensable if we are to be able to offer our clients the best possible reinsurance capacity in the future, as we have in the past,” said Dr. Michael Pickel, Chief Executive Officer of E+S Rück, at this year’s reinsurance gathering in Baden-Baden. “Particularly at a time of many different interrelated challenges, it is therefore vital for us as a reinsurer to tackle these issues and design solutions jointly with our partners. Moving forward, then, we shall continue to stand by our clients as their partner in managing losses caused by climate change and natural catastrophe risks – just as E+S Rück has done for 100 years.”
The insurance industry around the world increasingly finds itself faced with the effects of extreme weather phenomena. In Germany, too, the issue of coverage for impacts from heavy rain, flood, windstorm or hail as well as the associated costs remains very much front of mind. After all, it is equally relevant to private households and commercial / industrial clients alike.
At the same time, E+S Rück expects motor insurance in Germany – the largest line of property and casualty insurance by volume – to close heavily in the red this year. Furthermore, persistently high inflation is pushing up claims expenditures in property insurance, leading to pressure for further adjustments.
Average claims in motor insurance have again surged significantly in the current year, while at the same time the tariff adjustments made so far have failed to achieve the desired effects.
“Sharply above-average increases in the costs of spare parts and repairs as well as higher claims frequencies are causing massive losses and remain a heavy drag on motor insurers’ profitability,” said Dr. Michael Pickel. “Against this backdrop, we take the view that adjustments to prices in motor insurance are unavoidable in the coming years to move out of the red and restore business to a profitable footing over the long term. We expect to see gradual progress in this respect.”
While losses under natural catastrophe covers were, if anything, below average in the first six months with summer storms “Lambert” and “Kay”, considerable claims expenditure was incurred in August from a series of storms centred on southern Germany. With this in mind, 2023 is again expected to see substantial losses overall from catastrophe covers.
It can be anticipated that sustained high rates of inflation as well as the trend towards adding natural perils covers to existing contracts will drive claims expenditures for the industry even higher in the future. Parallel to this, capacities on the reinsurance market remain tight overall, while at the same time demand for natural perils coverage is on the rise. All in all, then, prices for catastrophe covers look set to increase further.
High inflation has kept up the pressure for adjustments in industrial and commercial business, even though business interruptions due to supply chain bottlenecks have normalised somewhat of late. At the same time, claims numbers and expenditures in connection with large fire losses have increased. These developments should be reflected accordingly in modified scopes of coverage and conditions. In the liability line, discussions among market players will likely be similarly dominated in the year ahead by the issue of inflation as well as by the insurability of risks associated with so-called forever chemicals (PFAS).
After the sharp price increases seen in past years, the capacities offered by existing and new market players for cyber covers should result in price stabilisation on a higher level. In view of rising claims expenditures, however, the pressure to make adjustments remains. Controlling and limiting cyber accumulation scenarios have taken on added relevance, as is also evident in contract terms and conditions.
“Despite the challenging market environment, I am confident about the upcoming renewal round, because our customer relationships and thus also the upcoming negotiations are always characterized by a cooperative partnership with all market participants,” said Dr. Michael Pickel.
Germany: InvestEU – EIB provides €40 million for Wingcopter to scale up electric delivery drones and logistics services
Wingcopter’s cargo drones will bring rapid, clean and cost-effective deliveries to hard-to-reach rural areas across the globe.
The EIB’s €40 million investment will help the company ramp up production of its flagship Wingcopter 198 model, expand delivery services in Europe and abroad, and accelerate the firm’s innovation efforts.
The agreement is supported by the InvestEU programme to help facilitate the transition to a sustainable economy.
The European Investment Bank (EIB) will provide a €40 million quasi-equity investment into Wingcopter GmbH, a European leader and pioneer in unmanned delivery drone technology and related services. Founded in 2017 in the German state of Hesse, Wingcopter’s electrically powered unmanned aircraft are already delivering goods as part of several small-scale commercial and humanitarian projects. For example, in Malawi, a joint project with UNICEF and Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) has seen Wingcopter’s drones deliver life-saving medicines and medical supplies to rural communities in hard-to-reach areas.
The EIB investment is backed by the European Commission’s InvestEU programme under its sustainable infrastructure window. Using electric cargo drones to deliver urgently needed goods can replace carbon-intensive modes of transport such as motorcycles, vans and helicopters, thereby contributing to the transition towards a green and sustainable economy.
The Wingcopter 198 is expected to be operated for the first time in Germany this summer when Wingcopter launches a pilot project in southern Hesse to test the potential of on-demand transport of groceries and other consumer goods. The project’s goal is to improve local supply in rural German communities through a sustainable delivery service and will be conducted together with the Frankfurt University of Applied Sciences. It is funded by the German Federal Ministry for Digital and Transport.
What makes Wingcopter’s cargo drones truly unique is their ability to take off and land vertically while flying quickly and efficiently over long distances like an airplane without the need for expensive infrastructure. They can carry up to 5 kg and cover distances of up to 100 km. The core hardware and software is patented worldwide. Already running on pure battery power, the Wingcopter team, together with Hamburg-based ZAL Center of Applied Aeronautical Research GmbH, is currently developing a green hydrogen energy system to power Wingcopter’s drones for even longer flight times.
The EIB’s investment comes alongside existing funding from a strong international group of investors, including leading European retailer REWE Group, Japanese Fortune 100 conglomerate ITOCHU, Silicon Valley-based Xplorer Capital and Uber co-founder Garrett Camp’s investment arm Expa. Together, the investor commitments will enable Wingcopter to extend the capabilities of its flagship drone, obtain regulatory approval in key markets and deploy its drones at scale in sustainable last-mile delivery networks to become a global logistics services provider across multiple sectors.
EIB Vice-President Ambroise Fayolle, who is responsible for activities in Germany, said: “Europe is currently the global leader in cleantech, and we must work hard to maintain this lead. Backing European cleantech pioneers with global reach like Wingcopter is central to our mission. Electric cargo drones are an important vertical segment for a future of sustainable transport and logistics. This investment underlines our commitment to supporting entrepreneurs growing and building advanced green technology businesses in the European Union, strengthening our technological competitiveness, creating highly skilled jobs and opening up new markets, while preserving nature. We are proud to be supporting this European success story.”
European Commissioner for Economy Paolo Gentiloni said: “This agreement is an excellent example of how InvestEU is helping businesses access the finance they need to innovate and expand. InvestEU will continue to support investment that will allow Europe to maintain its position as a world leader in the development and production of innovative products with positive real-world applications.”
Wingcopter co-founder and CEO Tom Plümmer said: “We would like to thank the European Investment Bank for their trust in us and their support as we strive to become a global leader in the drone-based delivery of urgently needed goods, from medical supplies to groceries. Our goal is also to improve lives by creating many jobs — in R&D and manufacturing at our headquarters in Europe, as well as in the countries where we provide services, where we train and qualify local young people to operate our drone delivery networks. It requires strong partners like the EIB to build reliable, efficient and safe delivery drone technology and logistics services.”
BNP Paribas announces the final signing of the agreements designating the bank as exclusive partner for Stellantis’ captive in Germany, Austria, and the UK
Following final agreement by all relevant regulatory and antitrust authorities, the two groups announce their partnership is now operational for all customers and dealers.The Group – via its subsidiary BNP Paribas Personal Finance – is now the exclusive partner for Stellantis’ captive for financing activities, serving all its brands across three strategic markets: Germany, Austria, and the UK. These account for approximately 40% of all new vehicle registrations in Europe.
At a stroke, BNP Paribas Personal Finance almost doubles its assets in Germany and the UK; its outstandings increase by approximately €6 billion (currently €10 billion), with significant potential for growth, thus consolidating its position as European leader in personal financing.BNP Paribas, via BNP Paribas Personal Finance, increases and diversifies its exposure to all Stellantis brands to offer high-quality financing experience to customers, dealers across all makes.For BNP Paribas Personal Finance, this partnership is a major milestone on its strategic objective to have 50% of its outstanding loans related to mobility by 2025.One of the key ambitions shared by all parties in this partnership is to accompany customers in their energy transition, leading the way to a more sustainable mobility.Thierry Laborde, Chief Operating Officer of BNP Paribas declared: “We are delighted to reach a new step in the collaboration initiated with Stellantis in 2017. We look forward to bringing our diversified expertise in financing and developing mobility across Europe to Stellantis, supporting them in meeting their clients’ needs.”Charlotte Dennery, CEO of BNP Paribas Personal Finance, added: “This partnership is key for our ambitions, strengthening BNP Paribas Personal Finance’s presence across the United Kingdom, Germany and Austria, key countries for our development strategy.”