BA-CA Managing Board makes statement on UniCredit's offer
- The Managing Board of Bank Austria Creditanstalt sees good prospects and new opportunities
- CEE Division located in Vienna – a decision on its structure has not yet been made
The statement by the Managing Board of Bank Austria Creditanstalt (BA-CA) on the offer made by UniCredit to BA-CA shareholders on 26 August 2005 has been published in "Wiener Zeitung" and in the Internet today. In its statement, the BA-CA Managing Board provides shareholders with information that is intended to help them make a decision on UniCredit's offer. As to the offer itself, the statement by BA-CA's Managing Board is neutral because the BA-CA Managing Board is not a contracting party or negotiating part to the agreement on the planned business combination.
BA-CA's CEO Erich Hampel: "With the successful completion of the transaction, Bank Austria Creditanstalt will form an essential part of one of the strongest banking groups in Europe. This offers good prospects for BA-CA's future development and new opportunities."
According to UniCredit's plans, the future CEE Division for the Group's business in Central and Eastern Europe will be located in Vienna. The combined CEE network of UniCredit and BA-CA would comprise 2,800 branches serving 16 million customers. Responsibility for operations in Russia, Ukraine, the Baltic countries and Turkey will be added to BA-CA's existing network.
Erich Hampel: "This confirms our excellent work in Central and Eastern Europe and underlines our strategic focus on the core markets of Austria and CEE, where we are market leaders."
No decision has as yet been made as to the legal and organisational form of the CEE Division in Vienna. In this connection the BA-CA Managing Board refers to the "Basic Agreement" underlying the integration with HVB Group, and to the "Bank of the Regions Agreement". These agreements include provisions to the effect that BA-CA operates as a universal bank and is the BA-CA Group's lead company for Austria and CEE.