Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
3rd January 2012
Raiffeisen seeking to renegotiate Polbank deal?
Rumours circulated late December that Raiffeisen Bank International is trying to renegotiate the price it agreed to pay for the 70% stake in Polbank it has agreed to buy from EFG Eurobank. The renegotiation comes late in the day as the deal follows from an auction in late 2010 and an agreed price first announced in February 2011.
The February announcement stated that Raiffeisen would pay €490m for the stake. Whilst there was provision for a final adjustment to this price the rumours suggest that the difference being sought is more than the final asset valuation / cash balances that might normally be expected.
Raiffeisen Group, including the non-listed Raiffeisen Zentralbank was found to need approximately €2.12bn in new capital by the European Banking Authority to meet the June 2012 9% CT1 capital requirement. The Group have announced plans to meet this target which would not have included the Polbank acquisition. It is suggested that Polbank has a significant debt renewal requirement for 2012.