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Austrian bank BAWAG eyes acquisitions in German-speaking countries

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Austrian bank BAWAG eyes acquisitions in German-speaking countries

BAWAG PSK is actively looking to make acquisitions in Germany, Austria and Switzerland, as the region offers opportunities for consolidation, Reuters reported Aug. 3, citing company CEO Anas Abuzaakouk.

The Austrian bank is deliberately overcapitalized to finance purchases, including the acquisition of SWB Holding GmbH unit Südwestbank AG, Abuzaakouk said. Meanwhile, its easygroup segment expects to extend its first loans in Germany before 2017-end, he said.

Separately, the owners of BAWAG, including U.S. private equity firm Cerberus Capital Management LP, have hired Rothschild as an adviser for BAWAG's planned initial public offering, Reuters reported, citing "two sources close to the matter." Morgan Stanley and Goldman Sachs have been named the top global coordinators among a group of banks working on the IPO.