Airbus Group said on 14 February that it had agreed to purchase Salzburg Munchen Bank of Munich from Raiffeisenverband Salzburg.

Airbus Group said on 14 February that it had agreed to purchase Salzburg Munchen Bank of Munich from Raiffeisenverband Salzburg. Salzburg Munchen - a small bank that services small and medium sixed enterprises - will ultimately be renamed Airbus Group Bank, Airbus Group added in a statement.

"Acquiring Salzburg Munchen [provides us with a good platform to launch our company bank project", Airbus Group chief financial officer Harald Wilhelm said.

The accord is subject to the approval of regulators, but Airbus Group said its aim is to close the transaction later this year.

Source : www.janes360.com