Bawag has to Sell Non-Core Business

CompaniesRetail & Consumer ♦ Published: January 29, 2011; 00:57 ♦ (Vindobona)

The Austrian bank, which is owned by the US-American investor Cerberus, is obliged to sell its non-banking subsidiaries.

Bawag has to Sell Non-Core Business / Picture: © Stiefelkönig

Because of EU-directives, the Bawag has to divest its retail business. The bank, which was formerly owned by the Austrian trade union ÖGB, still possesses several shoe trade chains, such as “Delka”, “Stiefelkönig” and “Geox”.

Bawag already had sale talks with the German Ara Group. The German company is interested in the 35 Delka-branches. Ara claims guarantees for…