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Airbus Group Closes Acquisition Of Salzburg Munchen Bank, Establishes Company Bank

July 30, 2014



ENP Newswire - 30 July 2014

Release date- 29072014 - Airbus Group (stock exchange symbol: AIR) closed the acquisition of Salzburg Munchen Bank AG from Raiffeisenverband Salzburg on 25 July 2014, allowing the aeronautics and space group to establish its company bank in order to provide additional financing options.

Salzburg Munchen Bank will be renamed Airbus Group Bank in the third quarter of 2014 and gradually be 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.

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

At the end of 2013, Salzburg Munchen Bank had total assets of around EUR 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 Munchen Bank will now focus on the further transformation and development of the bank planned until 2015. Airbus Group announced in February 2014 that it had entered into a Share Purchase Agreement with Raiffeisenverband Salzburg regarding the proposed acquisition.


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Source: ENP Newswire


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