The raid took place near Jakomini place in the center of Graz. Four employees were working in the bank where the alleged robbery occurred.
The man walked into the bank, and demanded money from the staff at gunpoint. They gave him some money, and he fled the bank. The employees quickly raised the alarm, and within minutes, police arrested the alleged perpetrator a short distance away.
Upon questioning, the man claimed that he needed the money to pay off debts.
Police spokesman Fritz Grundnig of the State Police said "Immediately after the man fled, police officers found and arrested him in the Jakoministraße."
No one was injured. A mask, gun and the money was recovered at the scene.
Subsequent enquiries show that the man had robbed at least one bank before this occasion, and had spent many years in prison as a result, being released in 2008.
He found that living as an ex-con on a disability pension was not enough for him to survive.
He had therefore borrowed money from various friends and acquaintances, but his loans were due to be repaid on Wednesday, which was beyond his means.
Initially, he had tried to borrow money from various Austrian banks, but was denied, and was informed that all the Austrian banks were networked together, and each would likely also deny him a loan.
One of his friends advised him to tackle the Deniz Bank, which being Turkish, was probably not connected to the Austrian network.
Unfortunately, the suspect chose the wrong approach in seeking to withdraw money from the bank -- at gunpoint -- which led directly to his latest troubles.