The European Bank for Reconstruction and Development (EBRD) has acquired a direct stake of 8.4% in Austria-based Addiko Bank.
EBRD acquired a direct stake in Addiko Bank by swapping its indirect stake, which is owned through a private special purpose vehicle.
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Addiko Bank is a regional financial company which focusses mainly on south-eastern Europe.
It currently has operations in Bosnia, Croatia, Montenegro, Serbia, and Slovenia.
The Vienna headquartered lender primarily targets retail customers and offers advanced technological solutions such as digitalised banking services.
Addiko came into being after the nationalisation of troubled Austrian lender Hypo Alpe Adria Group.
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By GlobalDataIn December 2014, it was acquired by the EBRD and global private equity firm Advent International.
After undergoing a successful restructuring, the bank resumed operations with an IPO in June last year.
The EBRD in its press statement said that the move underlines its ‘long-term commitment’ to the bank.
“The EBRD retained a stake and continues to see Addiko Bank as a strategic player in the financial sector,” the statement added.
As per the data available on Addiko’s portal, Luxembourg-based AI Lake is its largest shareholder with a stake of 36.6%. It is followed by the EBRD with 8.4% interest.
Wellington Management Group owns a 7.18% stake, while 4.05% stake is with Sweden’s SEB Investment Management AB.
The remaining stake is held by various smaller shareholders.
