Austria: Merger of PSK and Bawag complete

Article Abstract:

After 14 months the merger of Austrian banks the Postsparkasse (PSK) and Bawag is complete, making the new organisation the third-largest Austrian banking group. The organisation will be run in two different divisions. The first division will incorporate the network of branches. With the exception of two Vienna branches of the PSK, including the headquarters, all PSK branches will become Bawag branches incorporating a PSK service point. While commercial PSK customers will become Bawag customers, private PSK customers will continue to be served by the PSK headquarters, which will form the second division.

Austria

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CROATIA: AUSTRIAN BANKS TO MERGE SUBSIDIARIES

Article Abstract:

The Austrian banks Erste Bank and Steiermarkische Bank und Sparkassen AG are to merge their three Croatian subsidiaries into Erste & Steiermarkische Bank d.d. The new bank with a balance sheet total of Sch 4.7bn, 30 branches and 400 employees will be one of the ten largest banks in Croatia.

Erste Bank

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CROATIA: RAIFFEISEN WANTS VARAZDINSKA BANKA

Article Abstract:

Raiffeisen Zentralbank wants to take over Croatian Varazdinska Banka. The Croatian bank is a medium-sized bank with a balance sheet total of about Sch 5.6bn.

Asset sales & divestitures

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