Chapter 1305: A major bank is in the bag

Meeting again, the atmosphere of the talks was obviously much more relaxed and pleasant than the last two times.

Of course, this meeting was also different from the last one, as both sides brought a team with them.

The meeting place was also changed from the Vienna International Hotel in Austria to the conference room of the Vienna Stock Exchange.

After exchanging pleasantries and taking their seats, Ulysses Meulen told George Berkeley with a smile, 'President Berkeley, after discussions at the highest level, the government has agreed to the four conditions you proposed.'

'However, there are still some details that need to be further refined.'

George Berkeley nodded with a smile, 'No problem.'

'Then let's get started.'

Ulysses Myron opened the file and read: 'Regarding the first condition, the government is willing to sell its stake in the Austrian Central Savings and Commercial Bank. Currently, the government directly holds 82.9% of the shares.'

This is the fourth largest bank in Austria and the third largest bank in Austria with state-owned holdings.

The bank currently only operates in Austria and several surrounding countries, with a total of 185 branches, including 117 in Austria. It has a total of 4,284 employees, total bank assets of 14.82 billion US dollars, total deposits of 12.38 billion US dollars, revenue of 503 million US dollars last year, and a net profit of 42 million US dollars.

In terms of deposit ratio, revenue and profit margin, the Austrian Central Savings and Commercial Bank is definitely a high-quality bank.

The reason for choosing this bank is not only because it is the weakest, but also because it is the one with the highest Austrian government shareholding among the three banks designated by George Berkeley.

In the second-largest Credit Union Bank of Austria, the Austrian government holds 69.45%.

And in the third-largest Austrian Remittance and Credit Bank, the Austrian government only holds 56%.

According to the conditions, the Austrian government needs to assist the Bright Fund in acquiring a bank. The weakest bank, the Central Savings and Loan Bank, happens to be the one with the most government shares. It is the most trouble-free, so it is naturally chosen.

'I agree, let's go with this bank, but the specific value needs to be further assessed, and the government needs to cooperate with the acquisition of the remaining shares.'

George Berkeley nodded and stated his position.

'No problem,'

said Ulysses Myron with a smile, adding that the acquisition would not be difficult, as apart from the government's direct stake of 82.9%, some of the shares were in the hands of state-owned companies, whose will could be easily dominated.

'Regarding the second condition, the government has already made a preliminary draft, which in addition to what you mentioned, also includes some supplementary content. However, these supplementary contents are beneficial. President Berkeley, you will see for yourself.'

As soon as he had finished speaking, his assistant next to him took out five or six copies of the material and handed them out to George Berkeley and the others.

After going through them, George Berkeley and the others had no objections, because it was indeed a more detailed policy, and there was no reason for him to refuse.

...

Because the content was relatively rich, the friendly and harmonious talks lasted nearly three hours, and then an agreement was reached.

The framework for cooperation was set, and neither party would go back on their word. The asset evaluation of the Austrian Central Savings Bank was also carried out immediately.

So George Berkeley also let his mind rest. In order to show his sincerity, he immediately had a branch registered in Austria. The Austrian government's business sector gave the green light the whole way through, and it was definitely registered at top speed.

After registration, George Berkeley transferred a vice president from the branch in West Germany, named Thomas Mursi, who would be the first president of the Austrian branch.

Immediately after the company was registered, recruitment began. With the reputation of the Bright Fund, it had a strong appeal to the financial elite in Austria, not to mention the cooperation with KMPG. Within just one week, the company was up and running.

And after an urgent evaluation, the acquisition of the Austrian Central Savings and Commercial Bank was officially completed.

The 82.9% stake held by the Austrian government was transferred for 350 million US dollars, and then there were scattered indirect holdings of 5.8% of the equity for 24.5 million US dollars.

The purchase price was paid directly to the Austrian branch of HSBC, which was actually borrowed by the Bright Fund from HSBC.

After the payment of US$374.5 million, 88.7% of the shares of the Austrian Central Savings Bank were acquired and directly owned by the Austrian Bright Fund.

The remaining 11.3% of the shares still needed to be acquired with the assistance of the Austrian government.

After the bank took possession, the Austrian Bright Fund's funding was not a problem.

Ten times leverage was immediately allocated, and all the stocks listed on the Vienna Stock Exchange were bought at the bottom, which was almost impossible. As long as the seller opened the price, he would sell, which shows the extent of the investor's disappointment.

However, this just happened to be a bargain for the Bright Fund.

In just three days, the stock-buying was complete.

The Vienna Stock Exchange also quickly completed its shareholding and management system reforms. Bright Fund invested half a million US dollars to acquire 34% of the equity, a bargain price indeed.

Once everything was ready, George Berkeley set to work.

A newspaper under the Mirror Group published an article signed by George Berkeley, directly pointing out that Austria was now a value lowland and listing ten reasons to invest in Austria.

As a financial giant in Europe, George Berkeley has always been known for his precise investment vision. After his article was published, financial companies from all over Europe gathered information as soon as possible. After learning that the Bright Fund had already established a branch in Austria, they immediately sent people to Austria to open branches without hesitation.

In particular, West German capital was incredibly fast.

Austria is adjacent to West Germany and is in fact its backyard. The two countries' main ethnic groups are both Germanic, and they share a common ancestor, language and culture. Historically, they both belonged to the Holy Roman Empire, and it was Prussia, the winner of the Austro-Prussian War, that pushed Austria out of Germany.

During World War II, Austria was annexed by Germany and became a province of the Third Reich. At that time, the German army was welcomed by most Austrian citizens along the way into Austria.

After the merger of Germany and Austria, the Austrians enthusiastically joined the army and went to war under the slogan 'One people, one empire, one leader'.

So in fact, in the eyes of the Germans, Austria is part of Germany, and some Austrians think the same way.

The German capital market is actually not active, far worse than France's. German financial companies are typical of having money but no place to spend it.

At this time, seeing that the capital market in Austria, its backyard, is about to take off, West German capital is pouring in even more frantically.

Even stocks with less than 30 shares were sent soaring on the stock market, much to the delight of the Austrian government. Previously, there had been voices of opposition to the Bright Capital Fund's cooperation, but they were silenced in an instant.

This time, without George Berkeley's prompting, the Austrian government was anxious itself, issuing decrees requiring major domestic companies to actively apply for listing, while also rapidly expanding the staff of the Vienna Stock Exchange.

The Austrian capital market was bursting with vitality.

Once the sheep grew up, the Bright Capital Fund could reap the rewards.

George Berkeley set a goal of a 500% increase within three years!

After enlisting the help of Thomas Mursi to assist the parent company's acquisition team in acquiring voestalpine and AVL, George Berkeley boarded the plane back to Austria with the Austrian government's farewell.

According to the London-based company, the Canadian financial market is already in turmoil and about to explode, and he needs to go back to the company to take command!