LONDON: London-based Indian businessman Sanjeev Kanoria, 49, is set to acquire the domestic banking unit of Austrian bank Hypo Alpe Adria for $85.5 million.
Sanjeev Kanoria heads the London-based Anadi Financial Holdings and is the brother of Hemant Kanoria who heads SREI Infrastructure Finance Limited in India.
The SREI group has been named as a potential buyer of its domestic banking unit by the Austrian bank since the deal is subject to a regulatory approval by the Austrian financial watchdog FMA.
In a statement, Hypo Alpe Adria Chief Executive Gottwald Kranebitter said, Kanoria was “not only the clearly best bidder, but also has first-class experience in international business and convincing connections to leading financial organisations.’’
He said, “Despite extremely difficult market conditions throughout Europe, we have been able to take an important step in the privatisation process following the permanent restructuring of our Austrian subsidiary.’’
The Austrian bank, which was nationalized during the global financial crisis, is embarking on its privatization again by selling its domestic banking unit to Anadi Financial Holdings. The unit operates in the southern Austrian province of Carinthia.
On his new acquisition, Sanjeev Kanoria said, “New products, additional markets and fostering the core region are the aims of our engagement.’’