Austria's BAWAG PSK closed the acquisition of German regional private bank Südwestbank AG.

The Austrian lender agreed to acquire Südwestbank in July for an undisclosed amount.

Südwestbank, which serves about 100,000 retail and business customers in the state of Baden-Württemberg, had total assets of more than €7 billion as of 2016-end. It has a branch network of 28 outlets and employs around 650 people.