immigon portfolioabbau ag sells VB Factoring Bank AG; A.B.S. Global Factoring AG signs acquisition agreement for the takeover of VB Factoring Bank AG
Vienna/Wiesbaden, 28th August 2015. immigon portfolioabbau ag, Vienna, and A.B.S. Global Factoring AG, Wiesbaden, Germany, today announced the signing of an acquisition agreement regarding the takeover of a 100% holding in VB Factoring Bank AG, Salzburg, Austria, including the subsidiary Eurincasso GmbH. VB Factoring Bank AG is currently 100 per cent owned by immigon portfolioabbau ag (formerly ÖVAG – Österreichische Volksbank AG) and works with a volume of receivables of around EUR 1 billion per year.
Implementation of the agreement and the takeover of VB Factoring Bank AG by A.B.S. Global Factoring AG is still subject to regulatory approval and depends on the permission of the Austrian Financial Market Authority FMA (Finanzmarktaufsicht) and the Federal Financial Supervisory Authority (Bafin) in Germany. The transaction is expected to be concluded in the fourth quarter of 2015, subject to the approval of the authorities responsible and adherence to the contractual agreements.
Ensuring continuity for the customers
Once the transaction has been completed, VB Factoring Bank will exist as an independent company under the brand umbrella of the A.B.S. Group and would be the largest bank-independent factoring service provider in Austria. No changes are planned in either management or structures, ensuring long-lasting continuity in business relationships for the customers.
“In A.B.S., we are delighted to have a new owner who, as a large owner-run company, represents growth and a corporate culture based on sustainability. This gives our customers and our team prospects and the security that we want in order to develop our business in Austria further successfully.” Dr Gerhard Ebner, Executive Director of VB Factoring Bank AG.
Successful internationalisation strategy
The planned takeover and the associated complete coverage of the economically-strong “DACH” region (Germany, Austria and Switzerland) is another vital building block in A.B.S. Global Factoring’s long-term internationalisation strategy. The planned acquisition – the largest in the company’s history – will also give A.B.S. an Austrian banking licence.
“We are working towards the takeover of VB Factoring Bank AG not least in order to achieve further growth and to allow us to offer customers who operate internationally full-service factoring across national borders. We are certain that, as a bank-independent factoring service provider, we will be able to develop the business of our new subsidiary in Austria further successfully, also thanks to our constantly-growing international opportunities.” Thorsten Klindworth, founder and CEO of A.B.S. Global Factoring.
Immigon-CEO Dr Stephan Koren: “By selling VB Factoring Bank AG, immigon is continuing its downsizing programme rapidly and consistently. VB Factoring will be able to continue to grow dynamically under the A.B.S. Group umbrella.”
About A.B.S. Global Factoring AG
A.B.S. Global Factoring AG was founded by Thorsten Klindworth in 1996 and is today a market leader among group-independent and bank-independent factoring companies in Germany. The company recorded receivables turnover of EUR 1.215 billion in 2014. The A.B.S. Global Factoring Group is represented throughout Europe, with headquarters in Wiesbaden and further offices in Switzerland (via KMU Factoring AG) and Sweden (A.B.S. Factoring AB). More than 180 companies have currently put their faith in A.B.S. Global Factoring’s services. Medium-sized companies in particular benefit from the full service provided by A.B.S Global Factoring, enjoying advantages such as immediate liquidity and reduced pressure on their own accounting departments. Its orientation towards medium-sized companies and almost 20 years of experience in the field of medium-sized company financing allow A.B.S. Global Factoring to act in a faster, more flexible and more customer-orientated way than much of the competition and thus to compete with the largest group-supported factoring companies on the market. See abs-ag.com for more information.
About VB Factoring Bank AG
Based in Austria, VB Factoring Bank AG has its headquarters in Salzburg and an office in Vienna. The company is currently the fourth-largest factoring service provider in Austria. In line with Austrian regulations, VB Factoring Bank AG holds the necessary banking concessions for Austria. Led by Executive Directors Herbert Auer and Dr Gerhard Ebner, the company employs 42 staff, has been active on the market for 35 years, and specialises in factoring options for typical medium-sized companies. See vbfactoring.at for more information.
A.B.S. Global Factoring AG
Mainzer Straße 97, 65189 Wiesbaden
Tel.: +49 (0) 611 / 977 10 100
Dr Gerhard Ebner
VB Factoring Bank AG
Thumegger Straße 2, 5033 Salzburg
Tel.: +43 (0) 662/623553 100
immigon portfolioabbau ag
Peregringasse 2, 1090 Wien
Tel.: +43 (0) 679 / 790 7890