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Austrian lenders approve 3-way merger


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Austrian lenders approve 3-way merger

, and Volksbank TirolInnsbruck-Schwaz AG will merge operations in September to becomeVolksbank Tirol AG.

Theowners of the three regional lenders, which are based in western Austria,approved the related proposal June 23. The processes to complete the deal will takeplace between Sept. 1 and Sept. 17, but the merger will be effectiveretroactively to the start of the year.

Thenew entity will have 39 branches, about 470 employees, more than 100,000customers and total assets of over €3 billion.