Arca Capital Group is buying a majority in Austrian Wiener Privatbank. The acquisition is subject to approval by the local financial market supervisory authority, FMA. The transaction should be completed in 2Q 2018. The bank’s headquarters will remain in Vienna. Wiener Privatbank CEO Helmut Hardt said that the entry of a new majority owner will support the bank’s planned growth in the Central and Eastern European region along with its medium-term plan to open branches in Prague and Bratislava.
