Binder Groesswang has advised Volksbanken-Verbund on the sale of start:bausparkasse and IMMO-Bank to BAWAG P.S.K. Group. The transaction is expected to close in the fourth quarter of 2016 and is still subject to customary closing conditions and regulatory approvals. The purchase price was not disclosed. Both companies will be integrated into BAWAG P.S.K. Group and fully consolidated.
Start:bausparkasse and IMMO-Bank, which have operated under the group name “start:gruppe” since September 2014, specialize in the housing and real estate finance sector. Within start:gruppe, start:bausparkasse offers various building society savings products, and IMMO-Bank is an Austrian housing construction bank that provides financing for both subsidized and privately financed residential housing construction.
IMMO-Bank reported a balance sheet total of EUR 1.6 billion as of December 31, 2015, while the balance sheet total of start:bausparkasse amounted to EUR 2.0 billion.
CEO Gerald Fleischmann, Chairman of the Managing Board at Volksbank Wien AG, commented: “The Volksbanken Group focuses on its core businesses such as deposits, loans and payment services, and relies on strong collaborative partnerships with product specialists such as TeamBank Austria and Union 2/2 Investment Austria GmbH, which have top-level expert knowledge and top quality in their business areas. We also look forward to continuing our successful cooperation with our partner start:bausparkasse. Thus, the Volksbanken have taken another step in becoming an efficient, successful advisory bank.”
Binder Groesswang advised Volksbanken-Verbund comprehensively on the transaction structure and on the sale of start:gruppe. The firm’s team consisted of Lead Partner Thomas Schirmer, Partners Markus Uitz, Michael Binder, Gottfried Gassner, and Johannes Barbist, Attorney Hermann Schneeweiss, Stephan Heckenthaler, and Stefan Frank, and Associates Hao Chu, Michael Delitz, Cordelia Klauhs, Mona Holzgruber, Markus Cejka, and Veronika Geschev.
Binder Groesswang did not reply to inquiries about counsel for BAWAG on the deal.
