Wiener Privatbank SE (WBAG:WPB) signed a term sheet to acquire the banking operations of Valartis Bank (Austria) AG for €13 million in cash on November 20, 2015. The banking operations, their holding in the fund administration company, and the real estate at Rathausstrasse 20, Vienna are to be acquired within the framework the deal. Post transaction, the equity of Valartis Bank (Austria) AG will be retained and Valartis Bank (Austria) AG will be liquidated.

As of December 18, 2015, agreement was signed. The transaction is subject to the appropriate decisions by the relevant bodies, obtaining the required supervisory approvals in Austria, an in-depth due diligence and other customary closing conditions. The deal is expected to complete in quarter 2 of 2016. As of December 29, 2015, shareholders of Wiener Privatbank SE approved the transaction. Wendelin Ettmayer of Baker & McKenzie acted as legal advisor in the deal.