AUSTRIA: P.S.K. BIDDERS SHORTLISTED

Article Abstract:

Four potential bidders have been shortlisted for the privatisation of Osterreichische Postsparkasse (P.S.K.), the Austrian post office bank. The four are Bawag in cooperation with insurance company Allianz; the Raiffeisen bank group led by Raiffeisen Zentralbank ; and Volksbank together with German insurance group Ergo; and German Deutsche Postbank, a subsidiary of the German mail company Deutsche Post AG. The insurance companies Generali and Wiener Stadtische decided against bidding for P.S.K. The four potential bidders have until the end of July 2000 to submit their offers. The decision on the privatisation is to be taken by autumn 2000.

Asset sales & divestitures, Allianz Aktiengesellschaft Holding, Ergo, Deutsche Postbank AG

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AUSTRIA: BAWAG SEEK LEADERSHIP IN RETAIL BANKING

Article Abstract:

According to Stephan Koren, executive manager of Bawag and future chief executive of P.S.K. says that together the two banks aim to become the market leader in retail banking in Austria. Currently they are behind Bank Austria and Erste Bank. In the field of payment traffic, the trade union bank and the post office bank are already leaders. The merging of the payment traffic operations of the two banks is expected to yield considerable savings. According to Koren, Bawag will continue a two-brand strategy. Post office staff and postmen are to be trained to sell bank products, and a new commission system is to be developed. A hundred of the 2,300 post offices in Austria will become Service Post Offices that provide financial advice.

Strategy & planning, PSK

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