Binder Groesswang has advised Volksbank Niederosterreich Sud, Volksbank Sudburgenland, and Volksbank Wien in connection with the merger of the banking operations of the three banks.
In the merger, Volksbank Niederosterreich Sud (with banking operations worth approximately EUR 427 million) and Volksbank Sudburgenland (with banking operations worth approximately EUR 253 million) transferred their businesses by way of contribution to Volksbank Wien. The transaction was completed on November 3, 2016.
As reported previously, the mergers are part of the strategic restructuring of the Austrian Volksbank sector: By 2017, the more than 40 previously existing Volksbank institutions (with balance sheets totaling approximately EUR 30 billion) will be merged into eight regional Volksbank institutions and two specialized banks. Previously, Binder Groesswang 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 (as reported by CEE Legal Matters on September 14, 2016), and Volksbank Oberes Waldviertel and Volksbank Niederosterreich on the mergers of their operations (as reported by CEE Legal Matters on August 4, 2016).
In this most recent merger, Binder Groesswang advised, in particular, on the corporate structuring and implementation, on banking supervisory related issues, and on competition law, and represented the banks in proceedings with the Companies’ Register, Financial Market Authority, European Central Bank, and Federal Competition Authority. Binder Groesswang’s core team consisted of Senior Partner Michael Binder, Partner Gottfried Gassner, and Attorneys at Law Claudia Fochtmann and Stefan Frank. The team also included Partners Stephan Heckenthaler, Angelika Pallwein-Prettner, and Christian Wimpissinger, Counsel Isabelle Innerhofer, Attorney at Law Kerstin Pokorny, Associates Mona Holzgruber, Felix Kirkovits, Stefanie Ziegler, Sabine Apfl, and Maja Petrovic.
Image Source: volksbank.li