Binder Grösswang Advises Wüstenrot Group on Founding of New Wüstenrot Bank
As of June 2023, the Wüstenrot Group is launching its new bank, thereby becoming the first genuine one-stop financial services provider in Austria by offering its customers all financial products from a single source: checking accounts, savings products, financing, insurance and old-age provision.
Binder Grösswang Partner Stephan Heckenthaler comments: “We are pleased to have been able to support the Wüstenrot Group in implementing this strategically important project: the founding of its own bank for private customers, thereby making Wüstenrot an all-round financial services provider.”
The Binder Grösswang team advised the Wüstenrot Group on the intensive preparations for the founding and market start of the new bank. The counsel encompassed, in particular, representation vis-à-vis the European Central Bank and the Austrian supervisory authorities (FMA and OeNB) during the licence application procedure, as well as on questions relating to product development.
With this transaction, Binder Grösswang once again demonstrated its comprehensive expertise in advising on complex, banking regulatory projects.
The Binder Grösswang team was led by Stephan Heckenthaler (partner, banking & finance) and included Stefan Frank (partner, banking & finance), Miriam Broucek (senior associate, banking & finance) and Simmy Kailath (associate, banking & finance).