Although cross-border M&A activity has been relatively limited in the EU, recent high profile acquisitions of Bayerische Hypo- und Vereinsbank and BA-CA by Unicredit or Abbey National’s acquisition of Banco Santander Central Hispano may mark a turning point. As regards cross-border mergers and acquisitions, the Austrian financial sector could be considered as an exemption.
In particular Austrian banks’ activities in Central and Eastern Europe are outstanding. Austrian banks, for example, were among the first to invest in this region and are now the biggest investors with a market share of about 22% on an average basis over the region.