BAWAG PSK agreed to acquire German bank Deutscher Ring Bausparkasse AG from Basler Versicherungen and SIGNAL IDUNA Gruppe for an undisclosed amount.
Hamburg-based Deutscher Ring Bausparkasse has been offering building products and services since 1972. By 2016-end, it had €551 million in total assets and about 100 employees, Reuters reported.
BAWAG CEO Anas Abuzaakouk said the group intends to expand its operations in northern Germany, having also announced a partnership with Bâloise Holding AG unit Basler Versicherungen Germany to offer "simple and transparent banking products."
The deal, which remains subject to customary closing conditions and regulatory approvals, forms part of BAWAG's acquisitions plan focusing on Germany. In early December, it closed its purchase of Südwestbank AG, another German bank.
