OREANDA-NEWS. Following fulfilment of all contingent conditions, closing on the takeover of all employees as well as the major banking operations of Valartis Bank (Austria) AG by Wiener Privatbank SE took place today, as planned. The takeover considerably strengthens the position of Wiener Privatbank SE in the private banking market and enables the bank to further internationalise its operating basis as well as expand its services and product portfolio.

Wiener Privatbank SE is taking over the banking operations of Valartis Bank (Austria) AG including employees, and its holdings in the investment company, within the framework of an asset deal (see Media Releases dated 20 November 2015 and 21 December 2015). Real estate at Rat­hausstrasse 20, 1010 Vienna, will be acquired by a joint venture company in which Wiener Privatbank SE holds the majority.

Following completion of the divestment, Valartis Bank (Austria) AG will retain EUR 13 m (net) plus equity capital amounting to EUR 61.8 m (31 December 2015). On that basis, rapid settlement of the outstanding credit liabilities, as well as interest and credit costs, amounting to a total of approximately EUR 66 m can be expected between Valartis Bank (Austria) AG and Valartis Finance Holding AG, as soon as the banking license in Austria has been returned.

Valartis Group AG
Divestment of the two private banks in Vienna and Liechtenstein is an integral part of recovery plans for Valartis Group AG and Valartis Finance Holding AG (see Media Release dated 29 March 2016). In the case of Valartis Bank (Liechtenstein) AG, signing took place within the framework of a share purchase agree­ment. Closing is expected at the end of the second quarter 2016.

2015: Group loss expected to be lower than previous year
In accordance with International Financial Reporting Standards (IFRS) and under con­sideration of a number of non-recurring, exceptional factors, Valartis Group posted a Group loss of CHF 21.4 m for continued and discontinued operations in the first half-year 2015 (see Media Release dated 25 August 2015). Based on information which is available to date, Valartis Group also expects to post a Group loss for continued and discontinued operations for the second half-year 2015. For the overall year, Valartis Group expects Group loss for continued and discontinued operations to be lower than the previous year (2014: Group loss of CHF 73.3 m).

Valartis Group
Valartis Group is today an international finance group with offices in Switzerland and Vienna as well as Liechtenstein, Luxembourg and Moscow. Valartis Group AG (Baar, Switzerland) is listed on the Swiss Stock Exchange, SIX Swiss Exchange. Operations include the fields Corporate Finance, Private Equity and Real Estate Management together with holdings in the financial services sector.