EANS-Adhoc: Österreichische Post AG / AUSTRIAN POST SUBSIDIARY BANK99 ACQUIRES RETAIL BUSINESS OF ING IN AUSTRIA EAE

7/12, 10:36 PM (Source: euro adhoc)
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  Disclosed inside information pursuant to article 17 Market Abuse Regulation
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Mergers - Acquisitions - Takeovers
12.07.2021

Vienna, 12 July 2021 -

* Subject to approval by the regulatory and anti-trust authorities, bank99 AG
  (80% stake held by Austrian Post and 20% by GRAWE Banking Group) will acquire
  the retail business of ING in Austria
* Optimal strategic addition to bank99

o Branch network strength of bank99 and digital competence of ING
  o Complementary customer structure from a regional and demographic perspective
  o Complementary strengths in the product structure
  o Qualified new employees support the development of bank99

* Further development of a high-performance retail bank with a focused service
  offering: retail & digital - the best of both worlds
* Equity capital requirements of bank99 likely to equal EUR 100m by the end of
  2021 due to the acquisition and the planned expansion

The Austrian Post subsidiary bank99 AG has concluded an agreement with ING-DiBa
AG (Frankfurt am Main) to acquire the retail business of ING in Austria. In
particular, this applies to current accounts, consumer loans and mortgage loans
as well as securities investments. The acquisition does not encompass the
savings customers in Austria. The takeover of the retail business will add more
than 100,000 customers and a balance sheet total of about EUR 1.7bn to bank99.
The corporate client business (wholesale banking) of the Austrian subsidiary
will remain with ING.

Since its launch in April 2020, bank99 has attracted more than 80,000 customers,
driven by its focus on current accounts and payment transactions. The present
addition to its lending and investment business enables bank99 to take a further
important step forward in the rapid expansion of its product portfolio and an
acceleration of its customer ramp-up.

After the successful closing of the transaction, customers of bank99 can expect
attractive loan and investment products. After the migration, existing private
customers of ING in Austria will enjoy a nationwide service supplying cash at up
to 1,800 postal service points of Austrian Post in addition to the digital
customer experience they are already accustomed to. Moreover, they will have the
possibility to get advice on important financial matters from the bank
consultants of bank99.

This merger thus offers customers the best of both worlds. In line with the
slogan "retail & digital", further impetus has been provided towards ensuring
the promising development of the bank99 business model. Accelerated growth will
be possible due to the well-trained and highly motivated employees.

"With the acquisition of the retail business in Austria we are pleased to take
an extraordinary step in accelerating the ramp-up of our financial services",
says Austrian Post CEO Georg Pölzl. "Furthermore, I also look forward to
welcoming the highly professional team of ING to our company", Georg Pölzl adds.

bank99 maintains its goal of being present both online and via physical outlets.
The network of Austrian Post with its approx. 1,800 postal service points
consisting of company-operated branch offices and postal partners provides an
outstanding basis for this. The new digital competences are designed to
accelerate this process. The merger of these two organisations also serves as
the basis for a well-balanced balance sheet structure. The closing of the
transaction is expected by the end of 2021. "Together we have an enormous amount
of strength and know-how, we complement each other ideally and with the expanded
team of Austrian and international financial experts we can offer our customers
a clear added value," also underlining the two board members of bank99 Florian
Dangl and Bernhard Achberger.

The equity capital of bank99 will be increased by about EUR 100m by the end of
2021 due to this acquisition and the planned expansion of the customer base and
the balance sheet structure. Following the pandemic-related difficult ramp-up
phase, this step will provide bank99 with the required critical mass faster than
originally planned. After the current development and start-up phase, Austrian
Post expects for the bank99 a balanced result within the next three years.

Further inquiry note:
Austrian Post
Ingeborg Gratzer
Head of Press Relations & Internal Communications
Tel.: +43 (0) 57767-32010
presse@post.at

Austrian Post
Harald Hagenauer
Head of Investor Relations, Group Auditing & Compliance
Tel.: +43 (0) 57767-30400
investor@post.at

end of announcement                         euro adhoc
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issuer:       Österreichische Post AG
              Rochusplatz  1
              A-1030 Wien
phone:        +43 (0)57767-0
FAX:          
mail:         investor@post.at
WWW:          www.post.at
ISIN:         AT0000APOST4
indexes:      ATX
stockmarkets: Wien
language:     English

EAX0004    2021-07-12/22:36

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