UniCredit S.p.A. (Italy) has taken over the CEE business of its subsidiary UniCredit Bank Austria AG. Apart from shareholdings in 13 banks in Southern Europe and CEE, a loan portfolio in the amount of about EUR six billion also passed to the parent company in Milan. Freshfields and Fellner Wratzfeld & Partner are the lead advisors.

The transaction involved two steps: a reorganisation under which the CEE business was split off into a special-purpose vehicle, immediately followed by the cross-border merger of this SPV with the parent company. Following approval by the European Central Bank, Banca d’Italia and the Austrian Financial Market Authority, the transfer was perfected as of 1 October 2016, by the relevant entries being made in the Austrian and Italian commercial registers. The new organisation is intended to simplify the group’s structure and to streamline management functions while preserving both expertise and customer relations.

At the end of its 2015 business year, UniCredit Bank Austria AG recorded total assets amounting to nearly EUR 194 million. Following the split-off of the CEE network, the total assets of the remaining Austrian business will decrease to approximately EUR 100 billion.

Advisors to UniCredit S.p.A. and UniCredit Bank Austria AG from Freshfields Bruckhaus Deringer (Vienna): Thomas Zottl, Stefan Köck, Florian Klimscha, Stephan Pachinger, Thomas Kustor, Bertram Burtscher; Associates: Ludwig Hartenau, Dora Rendessy, Daniel Lungenschmid, Karin Buzanich-Sommeregger, Christian Jöllinger, Tatjana Krutzler, Miriam Broucek, Agnieszka Bibro

In-house lawyer (UniCredit Bank Austria AG, Vienna): Herbert Pichler (head of the legal department)

In-house lawyer (UniCredit S.p.A., Milan): Lorenzo Lampiano (head of the legal department)

Advisors to UniCredit Bank Austria AG from Fellner Wratzfeld & Partner (Vienna): Markus Fellner (lead, corporate), Paul Luiki (corporate), Kurt Wratzfeld (labour law)

Advisor to the works council from Grohs Hofer (Vienna): Elisabeth Stern

Advisors to Bank Austria’s retired employees from bpv Hügel (Vienna): Elke Napokoj, Berhard Schatz

Text partly taken from JUVE.