CORPORATE NEWS

Creditanstalt Bratislava up for sale

The Bank Austria/Creditanstalt banking group labeled its Bratislava-based bank "for sale" in an across-the-board move aimed at getting rid of part of its stakes in eastern Europe. Creditanstalt Bratislava is available for 1 billion ATS ($82 million). Creditanstalt suggested a merger of its two banks in Slovakia, but Bank Austria was adamant about including only its daughter, Bank Austria Bratislava, into the holding and pushed for the sale of Creditanstalt's daughter. One of the parties interested in the purchase is the German Erste Bank. The offering price is viewed as fair by the bank, since it is not just a complex bank infrastructure that is being sold, but also Creditanstalt Bratislava's banking license and access to the Slovak market.

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