Sberbank: Sberbank completes the acquisition of Volksbank International
EquityStory.RS, LLC-News: Sberbank / Key word(s): Miscellaneous
Sberbank: Sberbank completes the acquisition of Volksbank
International
15.02.2012 / 16:30
---------------------------------------------------------------------
Sberbank completes the acquisition of Volksbank International
15 February 2012, Vienna - Sberbank of Russia ('Sberbank') has completed
its acquisition of 100% of Volksbank International AG ('VBI'). Today's
closing follows the announcement on 8 September 2011, that Sberbank had
entered into a sale and purchase agreement with the shareholders of VBI -
Österreichische Volksbanken-AG ('VBAG'), BPCE S.A. ('BPCE'), DZ BANK AG
('DZ BANK') and WGZ BANK AG ('WGZ BANK').
The transaction perimeter does not include VB Romania, VBI's banking
subsidiary in Romania.
In the period between signing and closing, the selling shareholders have
made capital contributions to increase VBI shareholders' equity to offset
Q3 2011 losses, and also agreed to reduce the EUR585 million consideration
by EUR80 million. Final consideration is EUR505 million.
As part of the completion of the acquisition, Sberbank has also assumed
from VBAG, DZ BANK, WGZ BANK and BPCE the equivalent of ca. EUR2.1 billion
of long-term shareholder refinancing and VBAG or a group of banks led by
VBAG have provided Sberbank with five-year funding in an amount of EUR500
million.
This landmark transaction represents Sberbank's first major acquisition
outside the CIS and is the latest step in its transformation from a large
domestic financial institution to a leading international bank. VBI
excluding VB Romania has 295 branches and over 600,000 clients. VBI's
subsidiaries are within the top 10 financial institutions (by total assets)
in each of Bosnia and Herzegovina, Croatia, the Czech Republic, and
Slovakia, and within the top 15 financial institutions (by total assets) in
each of Hungary, Serbia and Slovenia. It also has a presence in Ukraine and
holds a banking license in Austria.
'This transaction is an important step in Sberbank's international strategy
and in our journey for building a truly global financial corporation.
Sberbank is uniquely positioned due to its capital and funding capabilities
to benefit from a growth potential offered by Central and Eastern European
countries. We are confident that Sberbank will build a strong platform for
both organic and inorganic growth using VBI footprint', explained Sberbank
CEO Herman Gref.
VBI CEO Friedhelm Boschert expressed his satisfaction at the completion of
the transaction: 'I am very pleased that now, after our more than 20 years
of operating in the CEE region, we will be able to open up a new chapter in
our ongoing success story with the support of Sberbank as our new strong
owner'.
Société Générale and J.P.Morgan acted as financial advisors to Sberbank.
Troika Dialog also advised on the transaction.
PricewaterhouseCoopers and Oliver Wyman are advising Sberbank on the
integration process.
Citigroup provided a fairness opinion to the Executive Board of Sberbank.
Freshfields Bruckhaus Deringer LLP was Sberbank's legal counsel, while
Deloitte conducted financial and tax due diligence on behalf of Sberbank.
Ithuba Capital acted as sole financial advisor to VBAG, DZ BANK and WGZ
BANK, and Deutsche Bank acted as sole financial advisor to BPCE.
Schoenherr acted as legal counsel for VBAG, DZ BANK and WGZ BANK while
Bredin Prat and Dorda Brugger Jordis acted as legal counsel for BPCE.
KPMG provided vendor assistance and tax services to VBAG.
# # #
Sberbank of Russia
Alexander Baziyan
Public Relations
Tel. +7(495) 957 5721
media@sberbank.ru
Sberbank is the largest bank in Russia, accounting for about 27% of the
aggregate Russian banking assets and employing about 240,000 people.
Sberbank's founder and major shareholder is the Bank of Russia holding over
60% of the voting shares. The bank's other shareholders comprise more than
245,000 legal entities and individuals. The bank has the largest
countrywide branch network with 17 regional head offices and more than
19,000 outlets as well as subsidiary banks in Kazakhstan, Ukraine and
Belarus, a branch in India, and representative offices in Germany and
China.
The bank holds the general banking license No.1481 issued by the Bank of
Russia.
The official website is www.sberbank.ru
VBAG is the central institution of the Volksbank sector as well as a
commercial bank and financial services provider. VBAG's strategic alignment
is based on the values of the Volksbankenverbund as well as the basic
cooperative principles. As the central institution of the Volksbank sector,
ÖVpAG is an important pillar of the Austrian economy.
For many years, VBAG has had a stable and reliable ownership structure,
which is based on a strong Austrian core shareholder. Volkbanken Holding,
which stands behind all regional Volkbanks, has a 60.8 % interest. DZ-Bank
Group has a 23,4 % share, with Victoria Group and RZB holding shares of 9.4
% and 5.7 % respectively. Only 0.6 % of shares are widely held.
The official website is www.volksbank.com
DZ BANK forms part of the German cooperative financial network, which
comprises more than 1,100 local cooperative banks and is one of Germany's
largest private-sector financial services organizations measured in terms
of total assets. Within the cooperative financial network, DZ BANK AG
functions both as a central institution for over 900 cooperative banks and
their 12,000 branch offices and as a corporate bank.
The DZ BANK Group includes Bausparkasse Schwäbisch Hall, DG HYP, DZ
PRIVATBANK Group, R+V Versicherung, TeamBank, Union Investment Group, VR
LEASING, and various other specialized institutions. With their strong
brands, the companies of the DZ BANK Group constitute key pillars in the
range of financial products and services offered by the cooperative
financial network. The DZ BANK Group sets out its strategy and range of
services for the cooperative banks and their customers through its four
strategic business lines - retail banking, corporate banking, capital
markets, and transaction banking.
The official website is www.dzbank.de
WGZ BANK, since 1884, has been the central institution of the Volksbanken
and Raiffeisenbanken in the Rhineland and Westphalia, with its head office
in Düsseldorf, Germany's second largest financial centre. Located in the
heart of Europe, in one of Germany's and Europe's economically most
important regions, it supports and complements the services of its about
200 member banks in both national and international business. Apart from
its headquarters in Düsseldorf, WGZ BANK has subsidiaries in Münster and
Koblenz. With consolidated total assets of Euro 95,6 bn, WGZ BANK is one of
Germany's largest banking institutions. The cooperative banks linked up
with WGZ BANK maintain about 2,280 outlets and have approximately 2.8
million members. The combined balance sheet total of these banks amounts to
about EUR 176 bn. WGZ BANK sees its main corporate objective in promoting
and strengthening the competitiveness of these local cooperative banks.
Apart from its traditional function as a central institution, WGZ BANK is a
commercial bank, offering a wide range of customized and highly
sophisticated services and products to corporates and capital market
clients. As a wholesale bank, WGZ BANK plays an active role as a trading
partner in the international money, forex, derivatives and capital markets
as well as in bond issues and syndications.
The official website is www.wgzbank.de
BPCE, the 2nd-largest banking group in France, includes two independent and
complementary commercial banking networks: the network of 19 Banque
Populaire banks and the network of 17 Caisses d'Epargne. It also works
through Crédit Foncier de France in the area of real estate financing. It
is a major player in corporate & investment banking, asset management and
financial services with Natixis. Groupe BPCE serves more than 36 million
customers and enjoys a strong presence in France with 8,000 branches,
117,000 employees (FTEs) and more than 8 million cooperative shareholders.
The official website is www.bpce.fr
These materials contain statements about future events and expectations
that are forward-looking statements. Any statement in these materials that
is not a statement of historical fact is a forward-looking statement that
involves known and unknown risks, uncertainties and other factors which may
cause Sberbank's actual results, performance or achievements to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Sberbank assumes
no obligations to update the forward-looking statements contained herein to
reflect actual results, changes in assumptions or changes in factors
affecting these statements.
End of Corporate News
---------------------------------------------------------------------
15.02.2012 Dissemination of a Corporate News, transmitted by
EquityStory.RS, LLC - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
EquityStory.RS, LLC's Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: Sberbank
19 Vavilova St.
117997 Moscow
Russia
Phone: +7-495-957-57-21
E-mail: media@sberbank.ru
Internet: www.sberbank.ru
ISIN: US80585Y3080, RU0009029540, RU0009029557
Listed: Foreign Exchange(s) MICEX, RTS
End of News EquityStory.RS, LLC News-Service
---------------------------------------------------------------------
156859 15.02.2012
EquityStory.RS, LLC-News: Sberbank / Key word(s): Miscellaneous
Sberbank: Sberbank completes the acquisition of Volksbank
International
15.02.2012 / 16:30
---------------------------------------------------------------------
Sberbank completes the acquisition of Volksbank International
15 February 2012, Vienna - Sberbank of Russia ('Sberbank') has completed
its acquisition of 100% of Volksbank International AG ('VBI'). Today's
closing follows the announcement on 8 September 2011, that Sberbank had
entered into a sale and purchase agreement with the shareholders of VBI -
Österreichische Volksbanken-AG ('VBAG'), BPCE S.A. ('BPCE'), DZ BANK AG
('DZ BANK') and WGZ BANK AG ('WGZ BANK').
The transaction perimeter does not include VB Romania, VBI's banking
subsidiary in Romania.
In the period between signing and closing, the selling shareholders have
made capital contributions to increase VBI shareholders' equity to offset
Q3 2011 losses, and also agreed to reduce the EUR585 million consideration
by EUR80 million. Final consideration is EUR505 million.
As part of the completion of the acquisition, Sberbank has also assumed
from VBAG, DZ BANK, WGZ BANK and BPCE the equivalent of ca. EUR2.1 billion
of long-term shareholder refinancing and VBAG or a group of banks led by
VBAG have provided Sberbank with five-year funding in an amount of EUR500
million.
This landmark transaction represents Sberbank's first major acquisition
outside the CIS and is the latest step in its transformation from a large
domestic financial institution to a leading international bank. VBI
excluding VB Romania has 295 branches and over 600,000 clients. VBI's
subsidiaries are within the top 10 financial institutions (by total assets)
in each of Bosnia and Herzegovina, Croatia, the Czech Republic, and
Slovakia, and within the top 15 financial institutions (by total assets) in
each of Hungary, Serbia and Slovenia. It also has a presence in Ukraine and
holds a banking license in Austria.
'This transaction is an important step in Sberbank's international strategy
and in our journey for building a truly global financial corporation.
Sberbank is uniquely positioned due to its capital and funding capabilities
to benefit from a growth potential offered by Central and Eastern European
countries. We are confident that Sberbank will build a strong platform for
both organic and inorganic growth using VBI footprint', explained Sberbank
CEO Herman Gref.
VBI CEO Friedhelm Boschert expressed his satisfaction at the completion of
the transaction: 'I am very pleased that now, after our more than 20 years
of operating in the CEE region, we will be able to open up a new chapter in
our ongoing success story with the support of Sberbank as our new strong
owner'.
Société Générale and J.P.Morgan acted as financial advisors to Sberbank.
Troika Dialog also advised on the transaction.
PricewaterhouseCoopers and Oliver Wyman are advising Sberbank on the
integration process.
Citigroup provided a fairness opinion to the Executive Board of Sberbank.
Freshfields Bruckhaus Deringer LLP was Sberbank's legal counsel, while
Deloitte conducted financial and tax due diligence on behalf of Sberbank.
Ithuba Capital acted as sole financial advisor to VBAG, DZ BANK and WGZ
BANK, and Deutsche Bank acted as sole financial advisor to BPCE.
Schoenherr acted as legal counsel for VBAG, DZ BANK and WGZ BANK while
Bredin Prat and Dorda Brugger Jordis acted as legal counsel for BPCE.
KPMG provided vendor assistance and tax services to VBAG.
# # #
Sberbank of Russia
Alexander Baziyan
Public Relations
Tel. +7(495) 957 5721
media@sberbank.ru
Sberbank is the largest bank in Russia, accounting for about 27% of the
aggregate Russian banking assets and employing about 240,000 people.
Sberbank's founder and major shareholder is the Bank of Russia holding over
60% of the voting shares. The bank's other shareholders comprise more than
245,000 legal entities and individuals. The bank has the largest
countrywide branch network with 17 regional head offices and more than
19,000 outlets as well as subsidiary banks in Kazakhstan, Ukraine and
Belarus, a branch in India, and representative offices in Germany and
China.
The bank holds the general banking license No.1481 issued by the Bank of
Russia.
The official website is www.sberbank.ru
VBAG is the central institution of the Volksbank sector as well as a
commercial bank and financial services provider. VBAG's strategic alignment
is based on the values of the Volksbankenverbund as well as the basic
cooperative principles. As the central institution of the Volksbank sector,
ÖVpAG is an important pillar of the Austrian economy.
For many years, VBAG has had a stable and reliable ownership structure,
which is based on a strong Austrian core shareholder. Volkbanken Holding,
which stands behind all regional Volkbanks, has a 60.8 % interest. DZ-Bank
Group has a 23,4 % share, with Victoria Group and RZB holding shares of 9.4
% and 5.7 % respectively. Only 0.6 % of shares are widely held.
The official website is www.volksbank.com
DZ BANK forms part of the German cooperative financial network, which
comprises more than 1,100 local cooperative banks and is one of Germany's
largest private-sector financial services organizations measured in terms
of total assets. Within the cooperative financial network, DZ BANK AG
functions both as a central institution for over 900 cooperative banks and
their 12,000 branch offices and as a corporate bank.
The DZ BANK Group includes Bausparkasse Schwäbisch Hall, DG HYP, DZ
PRIVATBANK Group, R+V Versicherung, TeamBank, Union Investment Group, VR
LEASING, and various other specialized institutions. With their strong
brands, the companies of the DZ BANK Group constitute key pillars in the
range of financial products and services offered by the cooperative
financial network. The DZ BANK Group sets out its strategy and range of
services for the cooperative banks and their customers through its four
strategic business lines - retail banking, corporate banking, capital
markets, and transaction banking.
The official website is www.dzbank.de
WGZ BANK, since 1884, has been the central institution of the Volksbanken
and Raiffeisenbanken in the Rhineland and Westphalia, with its head office
in Düsseldorf, Germany's second largest financial centre. Located in the
heart of Europe, in one of Germany's and Europe's economically most
important regions, it supports and complements the services of its about
200 member banks in both national and international business. Apart from
its headquarters in Düsseldorf, WGZ BANK has subsidiaries in Münster and
Koblenz. With consolidated total assets of Euro 95,6 bn, WGZ BANK is one of
Germany's largest banking institutions. The cooperative banks linked up
with WGZ BANK maintain about 2,280 outlets and have approximately 2.8
million members. The combined balance sheet total of these banks amounts to
about EUR 176 bn. WGZ BANK sees its main corporate objective in promoting
and strengthening the competitiveness of these local cooperative banks.
Apart from its traditional function as a central institution, WGZ BANK is a
commercial bank, offering a wide range of customized and highly
sophisticated services and products to corporates and capital market
clients. As a wholesale bank, WGZ BANK plays an active role as a trading
partner in the international money, forex, derivatives and capital markets
as well as in bond issues and syndications.
The official website is www.wgzbank.de
BPCE, the 2nd-largest banking group in France, includes two independent and
complementary commercial banking networks: the network of 19 Banque
Populaire banks and the network of 17 Caisses d'Epargne. It also works
through Crédit Foncier de France in the area of real estate financing. It
is a major player in corporate & investment banking, asset management and
financial services with Natixis. Groupe BPCE serves more than 36 million
customers and enjoys a strong presence in France with 8,000 branches,
117,000 employees (FTEs) and more than 8 million cooperative shareholders.
The official website is www.bpce.fr
These materials contain statements about future events and expectations
that are forward-looking statements. Any statement in these materials that
is not a statement of historical fact is a forward-looking statement that
involves known and unknown risks, uncertainties and other factors which may
cause Sberbank's actual results, performance or achievements to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Sberbank assumes
no obligations to update the forward-looking statements contained herein to
reflect actual results, changes in assumptions or changes in factors
affecting these statements.
End of Corporate News
---------------------------------------------------------------------
15.02.2012 Dissemination of a Corporate News, transmitted by
EquityStory.RS, LLC - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
EquityStory.RS, LLC's Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: Sberbank
19 Vavilova St.
117997 Moscow
Russia
Phone: +7-495-957-57-21
E-mail: media@sberbank.ru
Internet: www.sberbank.ru
ISIN: US80585Y3080, RU0009029540, RU0009029557
Listed: Foreign Exchange(s) MICEX, RTS
End of News EquityStory.RS, LLC News-Service
---------------------------------------------------------------------
156859 15.02.2012