Erste Bank takes over Intermarket Bank

Professional ServicesBanks ♦ Published: April 11, 2011; 11:58 ♦ (Vindobona)

With the acquisition of the Polish subsidiary of Commerzbank, Erste plans to significantly expand its corporate business and invests in factoring.

Erste Bank takes over Intermarket Bank / Picture: © Erste Group / Christian Wind

Erste Bank der oesterreichischen Sparkassen AG (Erste Bank Oesterreich) has acquired a majority stake in Intermarket Bank AG from the Polish BRE Bank, a subsidiary of Commerzbank. The agreement was signed on Friday. With a volume of € 3.6 bn in receivables, Intermarket is the largest factoring bank in Austria and with an additional € 2.2. bn also ranks first in…