Getin Holding will replace at completion 100% of the shareholder funding of the two firms at par, accrued interest included, OVAG
OVAG will limit the scope of its activity to its core role of providing liquidity management services and intermediation in accessing capital markets to the Volksbanken.
In order to reduce the distortions of competition brought about by the state aid, OVAG committed to an acquisition ban and a price leadership ban for its online banking activities.
KPMG Corporate Finance (Austria and Malta) and Schonherr Rechtsanwalte acted as advisors to OVAG
in this transaction.
The Commission had attributed to the central institutions, ie Erste, RZB and OVAG
, the market share of the banks in their decentralised networks, even though it had not attributed to them offending behaviour by the latter.
The two groups will also hold a joint stake in Austria's OVAG
Central guards, provided no specific system requirements from the network OVAG
AG made, always set to uniform values.