Supervisory Board Unanimously Authorises Management Board to Enter Into Final Negotiations to Acquire Minority Stake in BAWAG P.S.K.
Supervisory Board Unanimously Authorises Management Board to Enter Into Final Negotiations to Acquire Minority Stake in BAWAG P.S.K.
In a meeting held on April 17, 2007, the Supervisory Board of Austrian Post unanimously authorised the Management Board to enter into final negotiations regarding the acquisition of a minority stake in BAWAG P.S.K.
In December 2006, Austrian Post was invited by the bidder group led by Cerberus to acquire a minority stake in BAWAG P.S.K., and considers this invitation as an opportunity to make a profitable and value enhancing investment, as well as to proactively promote a jointly developed offensive business strategy in the field of financial services.
At present, Austrian Post currently offers financial services products of BAWAG P.S.K. via its own branch network, for which Austrian Post derived an income amounting to EUR 97min the year 2006. Austrian Post is pursuing the goal of further expanding the financial services offered at its 1,334 company operated branches and 608 post partner offices in Austria.
