German ABS Global Factoring buys Austrian VB Factoring Bank.
August 28 (SeeNews) - German financial services company ABS Global Factoring AG Friday announced it has agreed to acquire Austrian VB Factoring Bank AG for an undisclosed price.
ABS will acquire VB Bank from Immigon Portfolioabbau AG, the bad bank of Austrian lender Oesterreichische Volksbanken AG (OeVAG).
The transaction is subject to approvals from the Austrian Financial Market Authority (FMA) and Germany's Federal Financial Supervisory Authority (Bafin). It is expected to close in the fourth quarter of 2015.
The takeover is in line with ABS' long-term internationalisation strategy and will provide the German company with an Austrian banking licence, the statement said.
Following completion, VB Bank will operate as a stand-alone company, becoming Austria's biggest bank-independent factoring service provider, according to ABS' statement.
The deal represents the largest acquisition in ABS' history to date.