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UPDATE 1-Vienna Insurance unit gets stake in Erste leasing business
October 20, 2014 / 3:52 PM / 3 years ago

UPDATE 1-Vienna Insurance unit gets stake in Erste leasing business

(Adds comments from companies)

VIENNA, Oct 20 (Reuters) - Vienna Insurance Group’s Wiener Staedtische Donau Leasing GmbH intends to buy a 49 percent stake in Erste Group’s Erste Bank und Sparkassen Leasing GmbH, Austria’s Federal Competition Agency (BWB) said on its website on Monday.

It gave no financial details on the planned transaction, of which it said it was notified on Monday.

The partners, who already have a leasing joint venture called EBV, called the move a streamlining measure.

“This acquisition is a formal step because Erste Bank is simplifying the structures of its companies,” Wiener Staedtische said in a statement.

“Wiener Staedtische Danube Leasing GmbH, which holds a 49 percent stake in EBV Leasing GmbH, additionally gets 49 percent of Erste Bank und Sparkassen Leasing GmbH,” it said without giving any financial details. (Reporting by Michael Shields; Editing by Jason Neely and David Holmes)

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