BAWAG Group acquires Deutscher Ring Bausparkasse

  • In addition, signing of a Memorandum of Understanding with Basler Versicherungen Germany


VIENNA, Austria  December 14, 2017 – BAWAG Group today announces:

  • The entering of a definitive agreement to purchase 100% of Deutscher Ring Bausparkasse from Basler Versicherungen and Signal Iduna Group
  • The signing of a Memorandum of Understanding with Basler Versicherungen Germany, part of the Baloise Group, to pursue a long-term strategic cooperation


Deutscher Ring Bausparkasse AG, headquartered in Hamburg, is a regional building society bank that has been offering building society products and services 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 AG: “Today is an important step forward as we continue to execute on our strategy. The German Bausparkassen sector has been facing challenges recently. We believe in a transformation underpinned by a focus on risk-adjusted pricing, technology and driving operational excellence. The acquisition of Deutscher Ring Bausparkasse creates a solid foundation for BAWAG Group to expand its footprint and customer base in northern 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.

In addition, today we announce our commitment to work with Basler Versicherungen Germany, member of the Baloise Group, in order to drive strategic cooperations in Germany by offering simple & transparent banking products to their customer base. Baloise is an ideal partner with expertise in insurance and financial services, a long-standing tradition and solid franchise.”

The transaction is subject to customary closing conditions and regulatory approvals. The parties involved have agreed not to disclose the purchase price or any details of the agreement.

About Deutscher Ring Bausparkasse

Deutscher Ring Bausparkasse AG, headquartered in Hamburg, is a regional building society bank that has been offering building society and retail housing products and services since 1972. The bank reported total assets of EUR 551 million by year-end 2016 and employs approximately 100 persons. The majority shareholder of Deutscher Ring Bausparkasse are Basler Versicherungen, minority shareholder is Signal Iduna Group.


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Contact:

Financial Community:

Benjamin del Fabro (Head of IR & Communications)

Tel: +43 (0) 5 99 05-22456

investor.relations@bawaggroup.com


Media:

Georgia Schütz-Spörl (Pressesprecherin)

Tel: +43 (0) 5 99 05-31210

communications@bawaggroup.com