Airbus gains in-house bank with Salzburg Munchen deal

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By admin July 29, 2014 13:27

Airbus gains in-house bank with Salzburg Munchen deal

Airbus Group has finalized the acquisition of Salzburg München Bank AG from Raiffeisenverband Salzburg on July 25th. The deal will allow Airbus to establish a company bank in order to provide additional financing options for the company and its customers.

Salzburg München Bank will be renamed Airbus Group Bank during Q3 2014 and gradually developed to provide finance solutions to support the Group’s businesses. Formerly 100%-owned by Raiffeisenverband Salzburg, the acquired company is a fully-licensed bank based in Munich serving small and medium-sized enterprises (SMEs) and private clients.

Airbus Group CFO Harald Wilhelm said: “With the closing of this acquisition, I am grateful that we can now move forward with our bank project. All parts of Airbus Group stand to benefit from the increased financing flexibility that this bank will provide.”

At the end of 2013, Salzburg München Bank possessed total assets of around €330 million.  The transaction will not have any immediate effects on its existing clients or businesses.

The closing of the acquisition was made possible after obtaining regulatory approvals, namely the Ownership Control Procedure (“Inhaberkontrollverordnung”) with the German regulator (BaFin) and also from the German competition authority (Bundeskartellamt). Airbus Group and Salzburg München Bank will now focus on the further transformation and development of the bank planned until 2015.

admin
By admin July 29, 2014 13:27