Airbus Group To Acquire Salzburg München Bank, Establish Company Bank
Toulouse, 14 February 2014
Airbus Group (stock exchange symbol: AIR) has entered into a Share Purchase Agreement with Raiffeisenverband Salzburg to acquire Salzburg München Bank AG, in order to provide additional financing options for the aeronautics and defence company.
Salzburg München 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 München Bank’s existing clients or business.
“Acquiring Salzburg München 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.
About Airbus Group
Airbus Group is a global leader in aerospace, defence and related services. In 2012, the Group – comprising Airbus, Airbus Defence and Space, and Airbus Helicopters - generated revenues of € 56.5 billion and employed a workforce of over 140,000.
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