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The Board of Directors and the Supervisory Board of Autobank Aktiengesellschaft want to propose the orderly dismantling of the banking business and the subsequent withdrawal of the concession at the next extraordinary general meeting on January 29, as announced by the bank on Friday evening.
Autobank is a specialist in car financing. Discussions with a potential investor were still ongoing in December last year and now in January. “Discussions with this investor have now ended on January 8, 2021, as the investor will refrain from subscribing for the shares,” the bank said.
The Financial Markets Authority (FMA) had previously demanded that the car bank raise new capital or liquidate the risk and lose the license. The small Viennese bank is listed in Munich and Vienna. In essence, the special general meeting – ordered by a decision by the FMA – would be an ordered capital increase of EUR 12.8 million. Without an external investor, the money should come from existing shareholders. With no new fixed financiers, Autobank’s board of directors and supervisory board have now decided to apply to the general meeting to discontinue banking.
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