VIENNA, Austria – September 4, 2018 – BAWAG Group AG and Deutscher Ring Bausparkasse AG announce the successful completion of the acquisition of Deutscher Ring Bausparkasse AG by BAWAG P.S.K. Deutscher Ring Bausparkasse AG, headquartered in Hamburg, is a building society bank, active throughout Germany, that has been offering building society products and retail housing products since 1972. The bank complements BAWAG Group’s business model while providing a bolt-on opportunity for retail growth in Germany.
Anas Abuzaakouk, CEO of BAWAG Group: “Today is an important step forward as we continue to execute on our strategy. The acquisition of Deutscher Ring Bausparkasse creates a solid foundation for BAWAG Group to expand its footprint and customer base in Germany. I’m excited to welcome our new colleagues into the BAWAG Group and am confident that they will be a great partner as we continue to pursue our growth strategy.”
About Deutscher Ring Bausparkasse
Deutscher Ring Bausparkasse AG, headquartered in Hamburg, is a building society bank, active throughout Germany, that has been offering building society and retail housing products since 1972, primarily via digital platforms and brokers. The bank reported total assets of EUR 554 million by year-end 2017 and employs approximately 100 persons. The majority shareholder of Deutscher Ring Bausparkasse AG were Basler Versicherungen, minority shareholder was Signal Iduna Group.
Jutta Wimmer (Head of Investor Relations)
Manfred Rapolter (Head of Communications, Spokesperson)
Tel: +43 (0) 5 99 05-31210