September 5, 2008 / 7:59 AM / 10 years ago

Valartis buys Austrian unit from Anglo Irish Bank

ZURICH (Reuters) - Valartis (VLRT.S) has acquired Anglo Irish Bank (Austria) AG from Anglo Irish Bank ANGL.I, the Swiss financial services group said on Friday.

Financial details of the transaction were not disclosed.

Following the transaction, the Vienna-based private banking services provider and asset manager, which holds assets worth approximately 2 billion Swiss francs (1 billion pounds), will be renamed Valartis Bank Austria, Valartis said.

Valartis said the acquisition substantially expanded its wealth management activities and increased the group’s assets under management to a total of 5.5 billion francs.

“The earnings capacity of Valartis, based on the three pillars of asset management, wealth management and investment banking, will therefore be put on a broader base and be strengthened sustainably,” Valartis said.

The deal is expected to be closed in the fourth quarter of 2008, Valartis said.

Anglo ANGL.L said separately the sale would be accretive to its capital base and followed the disposal of its Swiss private banking unit earlier this year and its Isle of Man trust operations in 2006.

“The move is consistent with Anglo’s strategic focus on its core secured lending businesses in Ireland, the UK and the US together with its complementary global treasury business and its Irish and UK wealth management businesses,” the bank said.

Anglo said it would retain its Austrian branch and invest further in its “significant deposit gathering and wider treasury activities”.

Reporting by Andrew Thompson and Jonathan Saul; Editing by Louise Ireland and Sharon Lindores

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