VIENNA / STUTTGART, July 17, 2017 – BAWAG P.S.K. and Südwestbank today announced the signing of the full sale and purchase of Südwestbank AG by BAWAG P.S.K.
Südwestbank AG, headquartered in Stuttgart, is a medium-sized regional private bank that has been offering commercial banking services in Baden-Württemberg since 1922. The bank is focused on retail, corporate and private banking and compliments BAWAG P.S.K.’s business model, while providing a solid foundation for growth in the German market.
Anas Abuzaakouk, CEO of BAWAG P.S.K.: “The expertise and long-standing tradition of Südwestbank, which operates in a very strong economic region of Germany, make the bank an ideal partner to help us expand our footprint and customer base. This transaction is part of our larger DACH regional strategy and will provide us access to excellent customers in a highly attractive market. I am excited to welcome our new Südwestbank colleagues into the BAWAG P.S.K. family and am very confident that they will be a great partner enabling us to collectively succeed in the German market.”
Dr. Andreas Strüngmann, one of the shareholders and Chairman of the Supervisory Board of Südwestbank, comments: “With Südwestbank, BAWAG P.S.K. will receive a solid and regionally well-established foundation in Germany, with a balance sheet total and equity base that have more than doubled over the past ten years. We are proud that we have been able to accompany the successful growth of Südwestbank for more than 13 years and are excited to have found in BAWAG P.S.K. a new owner that – based on its capital strength, commercial banking experience and digital know-how – will bring Südwestbank to the next level of successful development.”
The transaction is expected to close in 2017 and is subject to customary closing conditions and regulatory approvals. Both parties have agreed not to disclose the purchase price or any details of the agreement.
Südwestbank AG is a Stuttgart-based independent medium-sized private bank that was founded in 1922 as Württembergische Landwirtschaftsbank. It has been operating under its present name as a stock corporation under German law (Aktiengesellschaft) since 1970 and serves approximately 100,000 retail and business customers in Baden-Württemberg. Südwestbank reports total assets of over EUR 7 billion by year-end 2016 and employs approximately 650 persons.
Südwestbank’s strategy is based on a branch network with 28 outlets and on maintaining close customer relationships. It strives to build long-term, trusting relationships with its clients and often serves families over generations. As an independent institution, Südwestbank provides an individualized and needs-oriented range of products and a high level of advisory quality. Business focuses on lending and deposit-taking in the fields of retail and corporate banking as well as on asset and wealth management. Its strong regional base and decades of experience make Südwestbank one of the most important regional universal banks in Germany. The majority shareholder of Südwestbank is Santo Vermögensverwaltung GmbH.
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