Additional information


en			ru			jp

Finance Lounge

Add privatebanking.com as a search provider to your browser

Advanced Search

Private Banking & Wealth Management search tool

Search entity

Review Avg.
Reviews:	0

Contact Page

Additional information

Write Review

Browse Review

Additional information

Bawag P.S.K.

Overview:

BAWAG P.S.K. is an Austrian universal bank and an active member of society. Our goal is to serve the general good of the economy, society and culture.

The merger of the two traditional Austrian banks BAWAG and P.S.K. on 1 October 2005 created the largest retail bank in Austria.

The new BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse AG,or BAWAG P.S.K. in short,combines the strengths of both institutions.

Today, BAWAG P.S.K. group is the fifth largest banking group in Austria and the leading retail customer bank for the Austrian middle class. We see ourselves as modern, service oriented one-stop financial institution with well funded market know-how, full range of individual support and innovative products both for retail customers and commercial customers. We report a balance sheet total of 45.4 bn Euros and administer customer deposits to the value of 20.1 bn Euros. With about 150 BAWAG branches and more than 1,300 Post offices BAWAG P.S.K. group has the biggest centrally managed distribution network in Austria. 1.2 mn retail customers and 60,000 corporate customers place their trust in our bank. The group is the first address regarding Austrian payment transactions. In total the group has around 6,300 employees.

History:

2005
BAWAG and P.S.K. are merging. The merged bank will be operating under the name BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft.

The granting of a major loan to the American futures trading company Refco that later turned out to be uncollectible brought a new chairman to the Managing Board. Univ. Prof. Dr. Ewald Nowotny becomes the new CEO of BAWAG P.S.K. on 1 January 2006.

2006
After fraudulent practices by Refco were uncovered, a class-action suit in the USA caused considerable difficulties for BAWAG P.S.K. A guarantee granted by the Republic of Austria stabilised the bank and made it possible to continue business as before.

Together with Accenture, BAWAG P.S.K. implements one of the largest IT projects in Europe. Over 1,500 branches have a common core banking system.

The competent bodies of the Austrian Trade Union Association, ÖGB, resolve to sell the shares in BAWAG P.S.K. to the U.S. investment company Cerberus and its Austrian partners Generali, Wüstenrot, and a private group of industrialists including Dr. Androsch. Thus, a new era for BAWAG P.S.K. will begin.

Swift/BIC: BAWAATWW andOPSKATWW

Back

Privatebanking.com

Get the attention you always wanted and promote your corporate image and standing by benefiting from our state of the art interactive web presence.

Ascent Limited

Experience The Difference. Ascent Limited provides first class wealth management and family office services. Our private banking team, assembled from a group of highly experienced banking professionals, will provide financial advice tailored to your individual requirements and keep your portfolio in tune with the latest market developments and opportunities.

©	Copyright by PRIVATE BANKING.COM 2002- - All rights reserved.