MUNICH, Germany -- Bayerische Vereinsbank said it purchased Schoeller & Co., an Austrian bank, for an undisclosed price.
Schoeller has assets the equivalent of $2 billion and 12 branches. Bayerische Vereinsbank see the acquisition as a move to bolster its presence in areas contiguous to Germany.
The Munich-based bank bought the more than 90% of Schoeller that had been owned by Raiffeisen Zentralbank Oesterreich, the central institution of Austria's cooperative banking system, which is focusing on corporate and wholesale activities. It marked the first sale of an Austrian bank to a foreign buyer.