Schoenherr has advised Osterreichische Volksbanken (OeVAG) on the sale of its fully-owned subsidiary Volksbank Malta, to Malta-based Mediterranean Bank.
On April 11, 2014, OeVAG and Mediterranean Bank signed a Share Purchase Agreement for 100% of the shares in Volksbank Malta. Closing wlll take place after regulatory approval. As the central institution of the Volksbank sector, Vienna-based OeVAG supports the core business of the 48 regional Volksbanks in Austria. After a carve-out of the international business in 2013, Volksbank Malta today has a balance-sheet size of approximately EUR 150 million and approximately EUR 56 million of equity.
The Schoenherr team advising OeVAG was led by Partner Sascha Hodl, with the involvement of Partner Roman Perner and Associate Philipp Kapl.
OeVAG also received advice from KPMG Financial Services, while Malta's Fenech & Fenech Advocates served as legal advisors to Mediterranean Bank.
