Wiener Privatbank SE signed a term sheet to acquire the banking operations of Valartis Bank AG for 13 million.
As of December 18, 2015, agreement was signed. The transaction is subject to the appropriate decisions by the relevant bodies, obtaining the required supervisory approvals in Austria, an in-depth due diligence and other customary closing conditions. The deal is expected to complete in quarter 2 of 2016. As of December 29, 2015, shareholders of Wiener Privatbank SE approved the transaction. Wendelin Ettmayer of Baker & McKenzie acted as legal advisor in the deal.