Wiener Privatbank, a private bank based in Vienna, has signed a legal binding agreement 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, their holding in the fund administration company, and the real estate at Rathausstrasse 20.

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If completed, the deal is expected to create a new banking institute with a balance sheet total amounting to around EUR500m.

The transaction, which is scheduled to close in second quarter of 2016, is subject to the supervisory approvals in Austria, and other pertinent contractual conditions.

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

Following the deal, Valartis Bank (Austria) will be shut down and will also repay a current loan to Valartis Finance Holding.

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Valartis said that the repayment of the loan will remove Valartis Finance’s outstanding liabilities in the amount of EUR64 m by mid 2016 and will enable Valartis Bank (Austria) to pay out a liquidation dividend at end 2016.

Valartis Group CEO Stephan Haberle said: " We are convinced that in Wiener Privatbank we have found the optimal and, in the long term, most attractive solution for our Austrian bank, its clients and employees."