Saturday, February 15, 2014
Airbus buying bank to aid sales
Airbus Group plans to create an in-house bank by taking over a regional lender. Airbus will purchase Salzburg Muenchen Bank from the Raiffeisenverband Salzburg cooperative for an undisclosed sum, the Toulouse, France-based company said in a statement Friday. Airbus Group is seeking to close the deal as early as possible this year, pending German regulatory approvals. Providing financial services to customers is the same path that's been taken by companies from Daimler to Siemens. A banking license would give Airbus direct access to European Central Bank money supply. The company has explored the move more than a year. The new organization will be renamed Airbus Group Bank, and could provide Airbus flexibility to aid suppliers, some of whom have struggled to finance investments to keep pace as the planemaker increases output to record levels. (Source: Bloomberg, 02/14/14) Gulf Coast note: Airbus is building an A320 final assembly line in Mobile, Ala.