Airbus Group has entered into a Share Purchase Agreement with Raiffeisenverband Salzburg to acquire Salzburg Munchen Bank AG, in order to provide additional financing options for the aeronautics and defence company.
Salzburg Munchen Bank, owned 100% by Raiffeisenverband Salzburg, is a small fully-licensed bank based in Munich serving small and medium enterprises (SMEs) and private clients.
After closing, it will be renamed Airbus Group Bank and gradually be developed to provide finance solutions to support the Group's businesses. The transaction will not have any immediate effects on Salzburg Munchen Bank's existing clients or business.
"Acquiring Salzburg Munchen Bank provides us with a good platform to launch our company bank project," said Airbus Group Chief Financial Officer Harald Wilhelm. "In the coming years the whole Group can benefit through increased financing flexibility."
The acquisition is subject to obtaining regulatory approvals, namely the Ownership Control Procedure ("Inhaberkontrollverordnung") with the German regulator (BaFin) and also from the Gerrman competition authority (BKartA).
Airbus Group aims to close the deal as early as possible in 2014, subject to receiving all necessary regulatory approvals.
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