Bank Austria Creditanstalt (BA-CA) has acquired a 89.92% stake and HVB Biochim Bank - a 9.99% of stake in Bulgaria's Hebros Bank
Published:
3 March 2005 y., Thursday
Bank Austria Creditanstalt (BA-CA) has acquired a 89.92% stake and HVB Biochim Bank - a 9.99% of stake in Bulgaria's Hebros Bank thus consolidating the market presence of the Austrian banking institution in the country.
The official signature took place Tuesday in the presence of Helmut Bernkof, BA-CA Manager for Central and Eastern Europe, Peter Harold, Chairman of the Board of Directors and CEO of HVB Biochim Bank, and Hebros Bank's CEO Alexander Tsachev.
Through its two subsidiaries - HVB Biochim and Hebros Bank - BA-CA has rounded a 10% share in the local market and ranked third in capital assets (EUR 1.3 B) nationwide next to Bulbank and DSK Bank, Helmut Bernkof said.
The merger of the two banks is expected to be finalised by the end of 2006, but the management does not plan any staff reduction, which to date totals approximately 2,500 employees.
The two banks have a total client base of more than 600,000 working in about 220 branches and offices.
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