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Swiss-Based Valartis Buys Austrian Subsidiary of Irish Bank
Tom Burroughes
5 September 2008
Swiss-based Valartis Group, the banking firm, said it has acquired the Austrian arm of Anglo Irish Bank from its Irish parent company for an undisclosed sum, taking on a firm with about SFr2 billion of assets under management, raising total assets to about SFr5.5 billion. As a result of the deal, the acquired bank will be renamed Valartis Bank . It is domiciled in Vienna. The bank has about 3, 500 customers and employs 100 staff. In regional terms, the bank operates primarily in Western Europe, Eastern Europe and Russia/CIS as well as North America and over recent years has been able to significantly expand its market presence particularly in Eastern Europe and Russia/CIS. "The earnings capacity of Valartis, based on the three pillars of asset management, wealth management and investment banking, will therefore be put on a broader base and be strengthened sustainably,“ Valartis, a listed bank, said in a statement. The transaction is expected to be completed in the fourth quarter of 2008, subject to regulatory approval. Wealth management M&A specialists MilleniumAssociates advised Anglo Irish Bank on the sale.