Local Press Release – Sale of Austrian Private Banking Subsidiary
Vienna, September 5, 2008
Valartis Group to acquire Anglo Irish Bank (Austria) AG[link]
[*] Anglo Irish Bank (Austria) AG will become Valartis Bank (Austria) AG
[*] Transaction strengthens international Private Banking activities of Valartis Group
[*] Valartis Bank (Austria) AG will operate as an independent subsidiary
The SWX Swiss exchange quoted Valartis Group AG will acquire Anglo Irish Bank (Austria) AG as part of the enlargement of its private banking and asset management activities. This acquisition will facilitate the successful expansion of the Valartis Group into the EU.
This sale follows the successful disposal by Anglo Irish Bank Corporation plc of its Isle of Man trust operations in 2006 and of its Swiss private bank earlier this year. The move is consistent with Anglo Irish Bank Corporation plc’s strategic focus on its core secured lending businesses in Ireland, the UK and the US together with its complementary global treasury business and its Irish and UK wealth management businesses.
Subject to regulatory approval, it is intended that the sale will be completed within three months.
Commenting on the sale, Ernst Abensperg-Traun, CEO of Anglo Irish Bank (Austria) AG said – “We are delighted to be a part of the Valartis Group in the future. With Valartis, we are gaining a partner who is specialised in asset management and has a successful history in the business. Our clients will certainly benefit from the Swiss “savoir faire“, to which we are now gaining access“.
Following the approval of the regulatory authorities, the Bank in Vienna will continue to operate as an independent subsidiary under the new name of Valartis Bank (Austria) AG. The Bank will strengthen its focus on target markets as well as its product range. Commenting on potential synergies, Ernst Abensperg-Traun said – “Both businesses, with their commitment to delivering the highest standards of international private banking services, strongly complement each other and are ideally matched to build on their respective traditions”.
Anglo Irish Bank (Austria) AG provides asset management services for both domestic and international customers. The Bank offers a diversified range of fund products, through its investment funds subsidiary, AIBC Anglo Irish Bank (Austria) Kapitalanlagegesellschaft mbH, which is also being acquired by the Valartis Group. The Bank’s core business has grown considerably in recent years. The Bank currently has approximately 100 employees and 3.500 customers
The acquisition of Anglo Irish Bank (Austria) AG represents a significant expansion of the Valartis Group’s wealth management activities. The purchase will provide strong and lasting support to the revenue-generating model of the Valartis Group, which is based on the three pillars of Asset Management, Wealth Management and Investment Banking. Moreover, new growth opportunities will be opened up as a result of the increased presence in the Eastern Europe and Russia/CIS markets, joint collaboration on asset management products, and a broader offering of private banking services.
The Valartis Group and Anglo Irish Bank Corporation plc have signed a binding agreement regarding the sale of Anglo Irish Bank (Austria) AG. Both parties have agreed not to discuss details of the sale price.
Separately,Anglo Irish Bank Corporation plc is retaining its long established Austrian branch, Anglo Irish Bank Corporation plc Zweigstelle Wien, and will further invest in its significant deposit gathering and wider treasury activities.there is more