Anadi Financial Holdings, a company owned by British-Indian entrepreneur Sanjeev Kanoria, has bought Austria’s Hypo Alpe-Adria-Bank International for 65.5m.
The Hypo Alpe-Adria-Bank Group has sold its domestic arm in line with the conditions put forth by the European Commission to get a fresh capital of 5.4bn, reported The Wall Street Journal.
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The Hypo Alpe-Adria-Bank has assets worth 3.5bn and 14 branches in the region of Carinthia, Austria and two subsidiaries in Vienna and Salzburg.
The acquisition is expected to allow the bank to offer new services including mobile and online banking and will provide access to new markets overseas. The lender plans to open an office in London to support trade between the UK, Europe and emerging countries.
The bank will continue to operate with its current name till a new name and corporate design are decided in 2014. It has appointed former CEO of Amsterdam Trade Bank Martin Czurda, as the new CEO.
Czurda was quoted by Financial Chronicle as saying that all Austrian and European banking regulations and guarantees remain unchanged under the new ownership.
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By GlobalData"The bank will ensure security of deposits and all deposits remain protected by the national Austrian deposit insurance. Austria’s central location in the EU, stability and regulatory framework make it an excellent place to do business. As a bridgehead for the new links we intend to build in particular between the EU and India, we can provide an outstanding service," he added.
