ECB greenlights takeover of Aareal Bank

The voluntary public takeover of Aareal Bank by an international consortium has been given the green light.

According to the bidder, known as Atlantic BidCo, all conditions of the offer have been fulfilled after the European Central Bank (ECB) approved the acquisition of a majority stake in the bank.

Atlantic BidCo is indirectly held by funds controlled, managed or advised by Advent International Corporation, Centerbridge Partners, and the CPP Investment Board Europe, a wholly-owned subsidiary of Canada Pension Plan Investment Board and other minority shareholders.

Atlantic BidCo had secured around 84% of Aareal Bank shares at an offer price of €33.00 per share in the course of a voluntary public takeover offer last year.

At completion, the bidder said it will own around 90% of the shares.

Jochen Klösges, CEO of Aareal Bank said: 'Aareal Bank Group has demonstrated that its strategy is viable even under very challenging conditions. We can achieve sustained profitable growth, even in a difficult environment.

'This is evident not least in our strong figures posted for 2022 and the first quarter of this year. We will continue to implement our strategy with the investors’ support, realising further potential across all segments of the group over the next years, whilst maintaining our conservative risk policy.'

Following the closing of the transaction, Aareal Bank Group will continue to pursue its strategic goals based on its Aareal Next Level strategy.

The common goal of the cooperation is to further strengthen the bank's sustained profitable growth across all three segments.

In the current financial year Aareal Bank plans to grow its commercial real estate portfolio to between €32 bn and €33 bn and further expand its services in payments and banking for the housing industry within is segment banking and digital solutions.

Aareal Bank's software subsidiary Aareon is set to continue the successful growth initiatives of recent years, according to the firm.



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