Linz / Salzburg. Raiffeisenlandesbank Oberösterreich (RLB OÖ) has taken over its subsidiary Hypo Salzburg, advised by law firm Binder Grösswang.
die RLB Upper Austria, one of the largest banks in Austria, has fully integrated through the merger to take up its subsidiary Salzburger Landes-Hypothekenbank (Hypo Salzburg).
The regulatory approvals were approved at the end of July 2021 and the entry in the commercial register was made at the beginning of September, according to the advisory law firm Binder Grösswang.
The fusion project
The aim is not only a corporate law, but also an organizational bundling of the strengths of both companies. The project was started about three years ago in order to examine synergies between RLB Upper Austria and Hypo Salzburg and to develop joint future prospects, as it is called.
With the acquisition of all shares in Hypo Salzburg by RLB Upper Austria in March 2020, the first step towards the merger of the institutes was taken. With the operational implementation of the merger on the second weekend of September 2021, the project has now been finalized.
Due to its size, the RLB OÖ Kreditinstitutsgruppe is directly supervised by the European Central Bank, so that the supervisory procedures had to be carried out at the Financial Market Authority and the European Central Bank.
- The balance sheet total of the RLB OÖ Group was 48.6 billion euros at the end of 2020, and the group’s pre-tax profit for the year was 181.8 million euros.
- The number of employees at RLB Upper Austria was 1,755.
- With the merger, 308 Hypo Salzburg employees were transferred to RLB OÖ.
The advisory team
A particular challenge was the interaction and coordination between the commercial register and the supervisory authority for and operational implementation on the other hand, which made it necessary to implement the merger precisely.
The Binder Grösswang team was led by Gottfried Gassner (partner, corporate law) and Stefan Frank (counsel, financial regulatory law). RLB OÖ was represented in-house by Reinhard Trinkl and Armin Leitner.