Shareholders’ agreement on BA-CA's role within UniCredit Group, to be submitted to the competent bodies of the respective parties
- BA-CA will become CEE sub-holding company within UniCredit Group
- BA-CA responsible for a market with more than 300 million people in 24 countries
- Capital base and profit potential increase significantly
- All necessary intra-group transactions will be at arm’s length
A shareholders’ agreement on the future role of Bank Austria Creditanstalt (“BA-CA”) within UniCredit Group is going to be reached soon on the basis of the outcome of the negotiations held between UniCredito Italiano S.p.A. (“UniCredit”), Bayerische Hypovereinsbank A.G. (“HVB”), BA-CA, Privatstiftung zur Verwaltung (“AVZ”, an Austrian private foundation) and the Betriebsratsfonds (“BR Funds”, the Workers Council Fund). According to such agreement, which will be submitted to the competent bodies of the respective parties, BA-CA will become the sub-holding company for operations in Central and Eastern Europe (CEE) within UniCredit Group. BA-CA will be responsible for a market comprising more than 300 million people in 24 countries; BA-CA's market has so far comprised 12 countries with 100 million inhabitants.
"The new UniCredit Group is the first truly European bank. As sub-holding company for operations in the CEE region, BA-CA will play an important role in our European group. We are market leader in this growth region. Our plans envisage that BA-CA should expand its position in these markets and in Austria, making full use of opportunities for growth," says Alessandro Profumo, CEO of UniCredit Group.
Erich Hampel, CEO of BA-CA: "BA-CA's position becomes significantly stronger: we are responsible for one of the major growth regions in the world. This will enable us to benefit from enormous opportunities. Moreover, our capital base will rise considerably and our profit potential will increase significantly. So, we have potential for growth in the market and we also have the required financial strength. I think this is a guarantee for growth."
The agreement will provide for a replacement of the so-called "Basis Agreement", which includes the "Bank of the Regions Agreement". These agreements were concluded in 2000 and contain rules concerning BA-CA's functions within HVB Group. Following the deal between HVB Group and UniCredit Group in 2005, the shareholders are now going to define the future role of BA-CA within UniCredit Group in a new agreement. The contract period is 10 years.