The last group that arose from the post-communist central- and eastern-European area that does not own a bank, Czecho-Slovak Arca Capital, is eyeing the Vienna-based private-banking institution, Wiener Privatbank. A preliminary purchase contract has already been signed and the required advance payment has been paid, the Hospodárske noviny daily wrote on September 11.
It plans to expand the bank’s sphere of operations into Slovakia and the Czech Republic, the SITA newswire wrote eight days later.
“The current managerial team will engage in further development with the bank, in close cooperation with the Arca Capital teams in Bratislava and Prague,” Rastislav Velič, partner and Board chairman of Arca Capital, told SITA.” We will use all logical and practical opportunities to expand so that the bank’s services reach clients in this region as early and as effectively as possible.”
Arca Capital has thus completed the negotiations that lasted for several months, with the current shareholders and leaders of Wiener Privatbank. The Agreement does not include real-estate projects which will be excluded from the bank portfolio. The transaction is yet to be approved by the Austrian Financial Market Supervision Authority (FMA).
“With the acquisition of Wiener Privatbank, we have fulfilled our ambition to enter the banking sector and to provide our clients with suitable, complete financial services,” Rastislav Velič added.
Wiener Privatbank is a private bank focusing on banking services, consultancy and the administration of assets, residing in Vienna. Arca Capital is a private integrated investment group active in central Europe, focusing on the development of its private equity assets directed towards energy, real-estate, retail and services. The finalisation of the transaction, i.e. the takeover of the majority share in Wiener Privatbank by the Arca Capital group, is estimated to take place in mid-2018.
19. Sep 2017 at 19:28 | Compiled by Spectator staff