Wiener Privatbank, a private bank based in Vienna, has signed a legal binding agreement to acquire the banking operations of Valartis Bank (Austria) for EUR13m.

Within the framework of an asset deal, Wiener will acquire Valartis Bank’s banking operations, their holding in the fund administration company, and the real estate at Rathausstrasse 20.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

If completed, the deal is expected to create a new banking institute with a balance sheet total amounting to around EUR500m.

The transaction, which is scheduled to close in second quarter of 2016, is subject to the supervisory approvals in Austria, and other pertinent contractual conditions.

Valartis Bank (Austria) is an indirect subsidiary of Valartis Finance Holding, which is a wholly-owned subsidiary of the Swiss-based Valartis Group.

Following the deal, Valartis Bank (Austria) will be shut down and will also repay a current loan to Valartis Finance Holding.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Valartis said that the repayment of the loan will remove Valartis Finance’s outstanding liabilities in the amount of EUR64 m by mid 2016 and will enable Valartis Bank (Austria) to pay out a liquidation dividend at end 2016.

Valartis Group CEO Stephan Haberle said: " We are convinced that in Wiener Privatbank we have found the optimal and, in the long term, most attractive solution for our Austrian bank, its clients and employees."