Haynes: Cerberus Supports Bawag

Professional ServicesBanks ♦ Published: September 20, 2012; 23:58 ♦ (Vindobona)

Bawag´s CEO Byron Haynes confirms that the bank will cut jobs. The customer segment should be kept, however. Instead, the cost structure should become more efficient.

Haynes: Cerberus Supports Bawag / Picture: © BAWAG P.S.K.

In 2007, Bawag was acquired by the U.S. investment fund Cerberus. However, dividends were not paid until now. In December 2006, Cerberus was awarded as buyer. The closing took place in May 2007. Cerberus paid € 2.6bn to ÖGB and injected another € 600m in Bawag. What is more, Bawag received bank aid of € 550m in 2009. The funds will be redeemed in 2014 by earliest, CEO Byron…

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