STUTTGART / VIENNA, May 24, 2017 – BAWAG P.S.K. and Südwestbank today announce the planned 100% acquisition of Südwestbank AG by BAWAG P.S.K. Negotiations between the buyer and current shareholders are under way.
Südwestbank AG, headquartered in Stuttgart, is a medium-sized regional private bank that has been offering commercial banking services in Baden-Württemberg since 1922. It ideally complements the business model of BAWAG P.S.K. with its focus on retail, corporate and private banking. Südwestbank offers the buyer a solid foundation for growth in the German market.
The parties have agreed to keep details about the acquisition process confidential. The contracting parties plan to provide information about any signing in due course.
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.
Benjamin del Fabro (Head of IR & Communications)
1018 Vienna, Austria
Tel: +43 (0) 5 99 05-22456
Georgia Schütz-Spörl (Press Officer)
Tel: +43 (0) 5 99 05-31210