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BAWAG P.S.K. announces the sale of BAWAG P.S.K. Invest to AMUNDI and both parties enter into a long-term partnership in asset management

BAWAG P.S.K. and Amundi today announced the signature of a definitive agreement to enter into a long-term strategic partnership in asset management. As part of the transaction, Amundi acquires BAWAG P.S.K. INVEST.

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The transaction has been approved by the Supervisory Boards of BAWAG P.S.K. and Amundi and remains subject to customary closing conditions and regulatory approvals.

BAWAG P.S.K. INVEST is BAWAG P.S.K.’s wholly owned asset management subsidiary. INVEST has a total of EUR 4.6 billion of assets under management as at 30th June 2014, encompassing 78 retail and institutional funds for BAWAG P.S.K. customers.

Amundi will continue to operate INVEST out of Austria and build on its existing strong franchise. BAWAG P.S.K. will distribute Amundi Asset Management’s fund products throughout Austria via its physical and digital multi-channel distribution capacities, including 500 branches across the country.

Enhances BAWAG P.S.K.’s strategic focus on its core retail franchise, its customers and unique distribution capabilities

“BAWAG P.S.K. INVEST is a great business and we are proud of the role it has played in BAWAG P.S.K.’s history”, said Byron Haynes, CEO of BAWAG P.S.K. “Amundi is the right global business to carry on growing the franchise for the benefit of our customers and employees. This transaction is consistent with our strategy and enables us to partner with a world-class asset manager, continue offering the products that our customers want, and at the same time focus on what we know best - our core retail franchise.”

Strengthens Amundi’s position as the leading European asset manager by establishing a strong position in the EUR 156 billion Austrian market

“This acquisition is perfectly in line with our objective to accelerate our international development”, adds Yves Perrier, Chief Executive Officer of Amundi. “And the long term strategic distribution partnership agreement with BAWAG P.S.K., one of the major banking players in Austria with 1.6 million customers, highlights our recognized expertise as a partner of choice to provide savings solutions to the customers of banking networks.”

Deutsche Bank acted as financial advisor to BAWAG P.S.K., and BPV Hügel served as the legal advisor. Morgan Stanley acted as financial advisor to Amundi, and Baker Mackenzie served as legal advisor.

Next Finance , October 2014

Article also available in : English EN | français FR

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