Airbus Group closed the acquisition of Salzburg München Bank AG from Raiffeisenverband Salzburg on 25 July 2014, allowing the aeronautics and space group to establish its company bank in order to provide additional financing options.

Salzburg München Bank will be renamed Airbus Group Bank in the third quarter of 2014 and gradually be developed to provide finance solutions to support the Group’s businesses. Formerly 100 per cent owned by Raiffeisenverband Salzburg, the acquired company is a fully-licensed bank based in Munich serving small and medium-sized enterprises (SMEs) and private clients.

“With the closing of this acquisition, I am grateful that we can now move forward with our bank project,” said Airbus Group Chief Financial Officer Harald Wilhelm. “All parts of Airbus Group stand to benefit from the increased financing flexibility that this bank will provide.”

At the end of 2013, Salzburg München Bank had total assets of around €330 million. The transaction will not have any immediate effects on its existing clients or businesses.