A IB, the investment banking arm of Bank Austria Creditanstalt, has structured the acquisition of stakes amounting to approximately 10% of DZI AD, the Bulgarian Insurance company, and 25% of DZI Bank, and has issued call warrants against them.
The warrants have been placed with institutional investors across Europe. BA-CA facilitated the transaction by taking the shares on its trading books for one year, namely for the term of the warrants. BA-CA emphasizes that this is by no means a strategic investment.
Michel Danechi, Member of the CA IB Managing Board in London, says: “We recognised the strong investor interest in Bulgaria and in the financial sector in particular and are delighted to have played a role in helping increase international participation in what we view as an exiting market. CA IB’s strong franchise in the markets of Central & Eastern Europe has enabled us to design a transaction that is attractive to a broad range of institutional investors.”
Acting in partnership with sister company HVB Bank Biochim, CA IB was able to acquire the shares in DZI AD and DZI Bank, structure, list and distribute the warrants which have been listed on the Vienna Stock Exchange’s Dritter Markt.