VIENNA, 12-2-2015 — /EuropaWire/ — BAWAG P.S.K. today announces the closing of its sale of BAWAG P.S.K. INVEST to Amundi. BAWAG P.S.K. INVEST (INVEST) becomes a wholly owned asset management subsidiary of Amundi with a total of EUR 5.0 billion of assets under management as of 31st December 2014. The company’s name will remain BAWAG P.S.K.INVEST, with a reference “Member of Amundi Group”.
In addition, Amundi and BAWAG P.S.K. entered into a long-term partnership where BAWAG P.S.K. will distribute Amundi’s funds and continue to distribute INVEST products via its physical and digital distribution networks. BAWAG P.S.K. has the largest centrally managed branch network with 500 branches across Austria. Amundi will continue to operate INVEST in Austria.
“We are very proud of this partnership with Amundi, one of the best Asset Managers in the world”, said Byron Haynes, CEO of BAWAG P.S.K. “By executing this transaction, we are able to simplify our Bank and focus on our core franchises – retail banking & corporate lending. At the same-time, by entering into a long-term distribution partnership with Amundi, we can continue to offer a broad range of fund products to our customers. Overall, this is a win-win situation for all parties and in line with our strategy of transforming BAWAG P.S.K.”
“This acquisition of INVEST and the long term partnership with BAWAG PSK allow us to establish a strong local footprint in Austria and to access to one of the strongest franchises in retail distribution” adds Yves Perrier, Chief Executive Officer of Amundi.” This transaction highlights our recognized expertise as a partner of choice to provide savings solutions to the customers of banking networks.”
About BAWAG P.S.K.
BAWAG P.S.K. is one of Austria‘s largest banking institutions with 1.6 million customers and a well recognized national brand. The Bank focuses on three business segments: Retail Banking and Small Business include lending, savings, payment, card, investment and insurance services for private and small business customers. Austrian corporate lending activities and other fee-driven financial services as well as international activities are managed within the Corporate Lending and Investments segment. The majority of the Bank’s lending activities are within Austria. The International Business is focused on corporate and commercial real estate financing primarily in Western Europe. Treasury Services and Markets include all activities associated with providing trading and investment services for the Group’s treasury activities and the management of the Bank’s portfolio of financial securities. BAWAG P.S.K.’s aim is to have a capital efficient, low risk and low leverage business model while being the most efficient, centrally managed bank across Austria. Delivering competitive, transparent and simple products and services to our customers is the core of our strategy.
Amundi ranks first in Europe and in the Top 10 worldwide in the asset management industry with AUM of close to €850 billion worldwide 1). Located at the heart of the main investment regions in 30 countries, Amundi offers a comprehensive range of products covering all asset classes and major currencies. Amundi has developed savings solutions to meet the needs of more than 100 million retail clients worldwide and designs innovative, high-performing products for institutional clients which are tailored specifically to their requirements and risk profile. The Group contributes to funding the economy by orienting savings towards company development. Amundi has become a leading European player in asset management, recognised for:
– Product performance and transparency;
– Quality of client relationships based on a long-term advisory approach;
– Efficiency in its organisation and teams’ promise to serving its clients;
– Commitment to sustainable development and socially responsible investment policies.
1. Amundi Group figures as of 30 September 2014.
Sabine Hacker (Spokesperson)
Tel: +43 (0) 5 99 05-31210
Natacha Sharp (Spokesperson)
Amundi Group SA