Ljubljana, 21 January (STA) - Factor banka, which is undergoing an orderly wind-down, has sold its investment arm to Austrian BKS Bank for an undisclosed sum. The transfer of the investment portfolio is due to be completed on 28 February, Factor banka said in a press release on Tuesday.
The Klagenfurt-based BKS Bank will take over the service and management of financial instruments and funds. The transfer will be free of charge for the clients and they will each get detailed information about the transfer, the bank said.
"We believe BKS Bank is a stable partner with a team specialised in investment banking which will also be joined by some Factor banka employees," the press release said.
Factor banka has been in the process of orderly winding-down since September, when the procedure was also launched at Probanka. The restructuring, which will end with the termination of the two banks, is expected to conclude by the end of 2016.