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Austria's Bawag mulls bid for Deutsche's Postbank - paper
May 15, 2015 / 1:56 PM / 2 years ago

Austria's Bawag mulls bid for Deutsche's Postbank - paper

FRANKFURT, May 15 (Reuters) - Austrian lender Bawag PSK has expressed interest in purchasing Germany’s Postbank from its owner Deutsche Bank, a German newspaper reported on Friday, citing unnamed sources.

Bawag said earlier in May it was on the lookout for retail acquisitions as majority owner Cerberus Capital Management reviews strategy for the westward-looking bank, which unlike other big Austrian banks has minimised exposure to volatile central and eastern Europe.

German newspaper Die Welt wrote in its online edition that the much-smaller Bawag was interested in exploring a takeover of Postbank using Ceberus’s financial firepower.

A spokesman at Bawag did not immediately respond to a request for comment.

A Deutsche Bank spokesman declined to comment on the report but referred to the bank’s previous statement that it planned to list Postbank on the stock exchange and deconsolidate the unit by end-2016.

Bawag has a similar business model to Germany’s Postbank, distributing its products and services via post offices.

Bawag, however, has already completed a thorough restructuring following Ceberus’ purchase in 2006 and has seen profitability surge.

Deutsche Bank’s plans to sell Postbank and pare assets in its investment bank have disappointed investors who wished for a more dramatic restructuring.

Its shares have fallen about 8 percent since the plan was announced, compared to a flat performance by the STOXX index of European banks .SX&P. (Reporting by Thomas Atkins; Additional reporting by Shadia Nasralla in Vienna; Editing by Elaine Hardcastle)

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