BRE Group reorganizes its factoring operations

BRE Group reorganizes its factoring operations

BRE Bank will become the sole owner of Polfactor S.A. and Transfinance a.s., leading factoring providers in Poland and in the Czech Republic respectively. BRE Bank’s shareholdings in Intermarket Bank AG and its other subsidiaries will be acquired by Erste Group, Austria.

The transaction is aiming at unwinding the international factoring operations of BRE Bank. BRE will concentrate on activities in Poland and Czech Republic, where it is also present with mBank Czech Republic. Consequently, the Bank will sell its stakes in Hungarian Magyar Factor Zrt. and Austrian Intermarket Bank AG to Erste Group. These stakes will be purchased by Erste Group, current co-shareholder in Intermarket Bank AG.- The transaction will enable BRE Group to amalgamate its factoring activities concentrate on markets where it can generate substantial synergies with it’s banking activities. Consequently Polfactor and Transfinance will be able to build their business further – says Karin Katerbau, CFO and Vice President of the Management Board of BRE Bank.The transaction is subject to required regulatory consents, and can potentially be finalized in autumn 2011.Intermarket Bank is currently owned by BRE Bank (56,24 %), Erste Group (33,76 %) and Coface Austria Kreditversicherung AG (10 %). Kontakt dla mediów