Bank Austria Creditanstalt has revealed that it is to acquire an additional 48% of the shares in FactorBank for an undisclosed price. As a result, Bank Austria Creditanstalt will hold 100% shares in the Vienna-based bank.

Under the terms of the acquisition, Bank Austria Creditanstalt (BA-CA) will purchase a 38% stake in FactorBank from Raiffeisen Zentralbank and a 10% stake from Oberbank.

FactorBank is the oldest factoring company in the Austrian market. The new management board of FactorBank will consist of Josef Ribisch and Alessandro Bertoldo. Mr Ribisch will be responsible for sales of FactorBank’s services and Mr Bertoldo will have responsibility for back-office activities.

In the area of factoring, Austria is a growth market with large potential which we want to exploit with FactorBank, said Mr Ribisch.

Mr Bertoldo added: For this purpose FactorBank will reshape its business model. New products will also help to pursue further growth and achieve an increase in revenues.

In pursuing its growth strategy, FactorBank can build on UniCredit Group’s Europe-wide experience of factoring operations and is expected to launch new products to capitalize on the growing market for factoring.