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Binder Groesswang Advises on Second Merger of Volksbanks

Binder Groesswang Advises on Second Merger of Volksbanks

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Binder Groesswang has advised Volksbank Kufstein-Kitzbuhel, Volksbank Landeck, and Volksbank Tirol Innsbruck-Schwaz in connection with the merger of the banking operations of the three banks to build Volksbank Tirol AG.

In the merger, Volksbank Kufstein-Kitzbuhel (balance sheet total of the transferred banking operations of approximately EUR 870 million) and Volksbank Landeck (balance sheet total of the transferred banking operations of approximately EUR 990 million) transferred their businesses by way of contribution to Volksbank Tirol Innsbruck Schwaz. The transaction was completed on September 1, 2016. The merged bank was renamed Volksbank Tirol AG.

Just last month, Binder Groesswang advised Volksbank Oberes Waldviertel and Volksbank Niederosterreich on the mergers of their operations (as reported by CEE Legal Matters on August 4, 2016). As reported then, the mergers are part of the strategic restructuring of the Austrian Volksbank sector: By 2017, the more than 40 previously existing Volksbank institutions (balance sheet total: approximately EUR 30 billion) will be merged into eight regional Volksbank institutions and two specialized banks.

Binder Groesswang again advised, in particular, on the corporate structuring and implementation, on banking supervisory related issues, and on competition law, and it represented the three banks in proceedings with relevant authorities (including the Companies’ Register, Financial Market Authority, European Central Bank, and the Federal Competition Authority).

Binder Groesswang’s core team consisted of Senior Partner Michael Binder, Partner Gottfried Gassner, and Attorneys Claudia Fochtmann and Stefan Frank. The firm’s team also included Partner Stephan Heckenthaler, Counsel Isabelle Innerhofer, and Associates Mona Holzgruber, Felix Kirkovits, Markus Cejka.

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