Private equity group Advent is starting preparations for an initial public offering (IPO) or sale of its Vienna-based bank Addiko, which emerged from the collapse of Hypo Alpe Adria Bank.
Investments banks Goldman Sachs and Citi are working with Advent on an exit process, sources acquainted with the process told Reuters news agency.
The buyout group will primarily focus on IPO which could take place next year. Advent and the banks declined or were not immediately available for comment.
One of the sources said Addiko has a book value of around EUR 850 million. While a potential valuation is unclear, European peers trade at an average of 0.85 times book value.
Addiko emerged from Hypo Alpe Adria Bank operations in the Balkans which was sold to Advent and the European Bank for Reconstruction and Development (EBRD) in 2014.
Advent bought 80% of shares and EBRD took the other 20%. Addiko is Vienna-based bank holding company with retail banking operations in Croatia, Slovenia, Bosnia-Herzegovina , Serbia, and Montenegro and over 1,1 million customers whereas in Austria and Germany it also offers online savings services.