Raiffeisen Seeks to Complete Merger Activities by September
International Bank-Holding AG., and its non-listed parent bank, announced Friday that merging their activities would improve funding access and support balance out Raiffeisen International's risk exposure in Eastern Europe.
It also depicts that preparations involving auditors and advisor Deutsche Bank have already initiated and that the groups have considered preliminary share swap ratios.
"I want to strongly underline that we are talking about an option, one of several. To make it clear: No decisions have yet been made", Raiffeisen International CEO Herbert Stepic said.
However, the CEO of parent bank Raiffeisen Zentralbank Oesterreich, Walter Rothensteiner, revealed that he witnesses a merger as the most sensible and likely next strategic step.
The memo accumulated by Reuters outlined the details of the proposed deal structure, which had befuddled analysts and investors since Monday's announcement.
This deal structure effectively signifies that the level of stakes under the existing shareholders in the new entity is determined by two independent auditors and approved by a third, court-appointed auditor.
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