Reorganisation of Bank Austria's investment banking business
- Customer-driven investment banking activities, treasury and liquidity management will be reintegrated from CAIB AG into Bank Austria
- Markets activities will remain within CAIB AG
- Restructured CAIB AG will be sold to HypoVereinsbank for EUR 1.24 bn
- Of CAIB's 260 employees in Austria, 157 will move to Bank Austria and the other employees will remain within CAIB
- The remaining activities will be conducted within an HVB unit in Vienna in the future
After approval by the Supervisory Board of UniCredit Bank Austria AG and by the Supervisory Board of UniCredit Bank AG, Munich (HypoVereinsbank [HVB], the former Bayerische Hypo- und Vereinsbank AG), investment banking activities in Austria which have so far been bundled within CAIB will be reorganised:
As part of the reorganisation, Bank Austria will reintegrate all customer-driven investment banking activities of CAIB, treasury and liquidity management as well as the Competence Lines, which will then serve CAIB and, later on, the HVB unit in Vienna on the basis of service level agreements.
"This step is taken with a view to sharpening the focus on customers by bundling all corporate banking and customer-driven investment banking activities in the newly established Corporate & Investment Banking Division," says Helmut Bernkopf, the Management Board member of Bank Austria who is responsible for these activities. Of the total number of 260 employees in Austria, CAIB employs 157 staff in the areas to be reintegrated, who will move to Bank Austria as a result of the reorganisation. The other Markets activities and CAIB UK will remain within CAIB.
The remaining CAIB AG (including CAIB UK) will be transferred to HypoVereinsbank as planned. Based on an independent valuation, the price to be paid by HypoVereinsbank is EUR 1.24 bn plus excess capitalisation. The Group's Russian investment bank (UniCredit Securities, the former ATON) and CAIB Poland as well as the Corporate Finance subsidiaries are not part of the transaction and will remain within Bank Austria.
The transaction is subject to the required regulatory approvals, the closing is to take place on 1 June 2010.
Enquiries: Bank Austria Media Relations
Martin Halama, tel. +43 (0) 50505 - 52371