Binder Grösswang advises Austrian Post and its new bank - bank99
Bricks and clicks: Austrian Post launched its new bank - bank99 - on April 1, 2020. Binder Grösswang provided comprehensive advice to Austrian Post and bank99 in connection with the market launch of bank99.
Binder Grösswang Partner Stephan Heckenthaler and Gottfried Gassner: "We are pleased to have successfully supported Austrian Post and bank99 in this important strategic step and challenging project, and that the new bank of Austrian Post was launched timely".
The Binder Grösswang team supported Austrian Post through the intensive preparations, which began with the acquisition of an 80 percent shareholding in bank99 (formerly Brüll Kallmus Bank AG) from the GRAWE Banking Group and continued with the preparation and implementation of the financial products offered by bank99 in cooperation with the GRAWE Banking Group and Ria Money Transfer.
The advice included the acquisition of the shareholding and the representation vis-à-vis the European Central Bank and the national supervisory authorities (FMA and OeNB). The necessary approvals of the supervisory authorities were of particular importance for the transaction, as these were time-critical in the overall project.
Binder Grösswang once again demonstrated its comprehensive expertise in complex projects involving banking regulation and corporate law with this transaction.
Binder Grösswang's team was led by Stephan Heckenthaler (Partner, Banking&Finance) and Gottfried Gassner (Partner, Corporate / M&A), who were supported by Michael Binder (Partner, Banking&Finance), Stefan Frank (Counsel, Banking&Finance), Moritz Salzgeber (Senior Associate, Corporate/M&A) as well as Brigita Rakar, Andreas Perkonig (both Associates Banking&Finance) and Markus Sacherer (Associate Corporate/M&A).