The Austrian Financial Market Authority FMA has today, October 31, 2008, approved the takeover of Constantia Privatbank AG by a consortium of Austrian banks. The consortium consists of UniCredit Bank Austria AG, Erste Group Bank AG, Raiffeisen Zentralbank AG, Österreichische Volksbanken AG and BAWAG-P.S.K. AG.
Pursuant to Article 20 para. 1 of the Bankwesengesetz (BWG; Banking Act), “any party who intends to hold a qualifying participation in a credit institution directly or indirectly” must first notify the FMA of this. This notification was made on October 24, 2008. The FMA is obliged to prohibit the intended participation within three months if the conditions stipulated under Article 5 para. 1 nos. 3 to 4a BWG are not met. The FMA informed the special purpose vehicle through which the five banks are technically handling the takeover of Constantia Privatbank AG today that the acquisition of the participation in Constantia Privatbank AG would not be prohibited. Furthermore, the five banks were granted the necessary approvals pursuant to Article 21 para. 1 no. 2 BWG.
For further information please contact
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-5106
+43/(0676)/882 49 516