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ABHH group withdraws from purchase of ZUNO bank

LUXEMBOURG-based ABH Holdings S.A. (ABHH) group on March 2 withdrew from buying ZUNO bank from Raiffeisen Bank International (RBI), a purchase which had been previously announced.

ZUNO is part of Raiffeisen Bank International which also owns Tatra banka in Slovakia.(Source: Sme)

“Withdrawing from the contract will have no impact on ZUNO bank’s  clients in Slovakia and in the Czech Republic,“ Oyvind Oanes, CEO of ZUNO bank said as quoted by the SITA newswire. “On both markets, the bank will continue to render services and products. ZUNO will remain a separate, fully regulated Austrian bank with headquarters in Vienna.”

ZUNO was not the reason for backing out of the purchase, ABHH informed, as quoted by the TASR newswire.

The contract between RBI and ABHH for the sale of ZUNO bank was signed in September 2015, but has so far not been approved by regulatory authorities. The impact of the planned transaction on capital adequacy would be negligible, SITA wrote.  RBI wants to sell ZUNO as partof its effort to reduce the complex structure and overlapping within the group. Now, RBI is considering further steps, such as selling the whole ZUNO bank, or parts of the bank.

Zuno bank is part of the Austrian group Raiffeisen. Pilot operations of ZUNO started in August 2010, followed by commercial operations in Slovakia from December 2010 and from mid 2011 in the Czech Republic.  

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