Germany's second largest private bank HVB - HYPOVEREINSBANK is to take over BANK AUSTRIA, Austria's number one in the sector. The transaction, evaluated at 7.8 bn euro, will take the form of an exchange of shares, with one HVB share going for one BANK AUSTRIA share. The new entity will have a workforce of 65,000, over 8 million customers, with 2000 outlets and close to 650 bn euro in assets.