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Tuesday, June 14, 2005
Italy's UniCredit bank and German group HVB announced the banks' boards agreed with the fusion of the two financial institutions.
The transaction, worth around 20 billion euros, is Europe's largest banking deal.
The transaction created "the first European bank." as stated by HVB's executive manager Dieter Rampl, and will merge investments of the two banks in Central Europe and their local markets.
Alessandro Profumo will manage the new financial institution and will be president of the administrative board, which will include 11 people, five from HVB.
According to a UniCredit press release, key features of the transactions include undisputed leadership in Central and Eastern Europe, a bank more than two times larger than its nearest competitor by total assets, enhanced and diversified business and geographic mix, close to one billion euros of estimated annual pre-tax synergies fully realised by 2008, of which over 90% result from lower costs and the rest from increased revenues.
Posted by Iulia Rasoiu : 6/14/2005 05:11:00 pm
06/01/2004 - 07/01/2004
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