Airbus Group to enter banking with acquisition of Salzburg Muenchen Bank
17 February 2014
European aerospace and defence company Airbus Group on Friday said that it would acquire small German lender Salzburg Muenchen Bank AG, for an undisclosed sum.
The Toulouse, France-based company said that the acquisition will give it additional financing options.
Salzburg München Bank, wholly-owned by Raiffeisenverband Salzburg, is a small fully-licensed bank based in Munich serving small and medium enterprises and private clients.
After closing, Salzburg München Bank will be renamed Airbus Group Bank and gradually be developed to provide finance solutions to support the Group's businesses.
Airbus said that 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 deal, which is expected to close in 2014, would require approvals from the German regulator BaFin and also from the German competition authority BKartA.