Wiener Privatbank, a private bank based in Vienna, has signed contracts of sale to acquire the banking operations of Valartis Bank (Austria) for EUR13m.

Within the framework of an asset deal, Wiener will acquire Valartis Bank’s banking operations, together with their holding in the investment company.

The deal will also include the acquisition of real estate located at Rathausstrasse 20, 1010 Vienna by a joint venture company, in which Wiener Privatbank owns a majority stake.

Subject to appropriate decisions by the relevant bodies and the required supervisory approvals, the deal is expected to close in second quarter of 2016.

Valartis Bank (Austria) is an indirect subsidiary of Valartis Finance Holding, which in turn is a wholly-owned subsidiary of the Swiss-based Valartis Group.