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Raiffeisen Bank takes over HVB BpL.

Bucharest - Raiffeisen Bank, Raiffeisen Bausparkasse and Bausparkasse Schwabisch Hall – the buyers, and Vereinsbank Victoria Bauspar (VVB), Bank Austria Creditanstalt and UniCredit Tiriac Bank - the sellers, on Thursday signed an agreement whereby the buyers are taking over the entire stake in HVB Banca pentru Locuinte (HVB BpL) from the sellers, according to a press release.

The agreement needs approving by the Competition Council and by the Central Bank of Romania. ‘The sale of HVB BpL is VVB’s strategic decision to focus on the German market, the next logical step after the sale of a similar bank in The Czech Republic early this year,’ member of the VVB and HVB BpL Board of Directors Ludwig Roth said. ‘We think this is an opportunity to us to continue our long-term commitment to the saving-lending concept in Romania. We were the first on this particular market, based on the extensive expertise and European success of our partners Raiffeisen Bausparkasse and Bausparkasse Schwabisch Hall, as well as on the local expertise and distribution network of Raiffeisen Bank. The result of taking over HVB BpL will be an even stronger number one on the home equity saving and lending market,’ Raiffeisen Bank Romania President Steven Groningen in turn stated. Raiffeisen Bank Romania, Raiffeisen Bausparkasse (Austria) and Bausparkasse Schwabisch Hall (Germany) jointly founded Raiffeisen Banca pentru Locuinte (RBL) in 2004, in order to develop the market of home equity saving-lending products in this country. RBL now manages saving-lending contracts of nearly 160,000 customers, the total contract value amounting to nearly EUR 600 M. The total saved amount is over EUR 70 M, more by 20 per cent compared to the need of 2006. HVB Banca pentru Locuinte was launched in September 2005 and it had there shareholders: Vereinsbank Victoria Bauspar AG – 55 per cent, Bank Austria Creditanstalt AG – 35 per cent and UniCredit Tiriac Bank - 10 per cent. In 2007, the number of bauspar contracts raised by 46 per cent compared to the figures registered at the end of 2006. Raiffeisen Bausparkasse is the Raiffeisen Banking Group’s organisation specialising in home equity loans. Raiffeisen Bausparkasse has been a market leader in the Austrian construction industry since 1981. Bausparkasse Schwabisch Hall is the biggest saving-lending institution with 870,000 new contracts in 2007 and a total home equity saved amount of over EUR 27 bln. Vereinsbank Victoria Bauspar AG is Europe’s second largest home equity saving-lending bank, with over 80 years of industry experience. Sursa: http://www.nineoclock.ro

Tags: raiffeisen bausparkasse equity lending market saving

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