Bawag P.S.K.
Bank für Arbeit und Wirtschaft und Österreichische
2005 BAWAG and P.S.K. are merging. The merged bank will be operating under the name BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft. The granting of a major loan to the American futures trading company Refco that later turned out to be uncollectible brought a new chairman to the Managing Board. Univ. Prof. Dr. Ewald Nowotny becomes the new CEO of BAWAG P.S.K. on 1 January 2006. 2006 After fraudulent practices by Refco were uncovered, a class-action suit in the USA caused considerable difficulties for BAWAG P.S.K. A guarantee granted by the Republic of Austria stabilised the bank and made it possible to continue business as before. Together with Accenture, BAWAG P.S.K. implements one of the largest IT projects in Europe. Over 1,500 branches have a common core banking system. The competent bodies of the Austrian Trade Union Association, ÖGB, resolve to sell the shares in BAWAG P.S.K. to the U.S. investment company Cerberus and its Austrian partners Generali, Wüstenrot, and a private group of industrialists including Dr. Androsch. Thus, a new era for BAWAG P.S.K. will begin.
Address: Georg-Coch-Platz 2, A-1018 Wien (Vienna), Austria
Phone: +43 059905 32986
FAX:
