305:
disciplined cost management and simplified processes and deleveraging the balance sheet to increase capital and liquidity. As a result BAWAG P.S.K.’s profit before tax increased from €23 million in 2012 to €470 million in 2016, primarily resulting from stronger core revenues and reduced operating expenses. As part of BAWAG P.S.K.’s effort to reduce operating expenses, the bank implemented a new cost management approach, rationalized its business model and simplified its organizational structure. The bank also de-risked the balance sheet, which was achieved predominantly by reducing its exposure to
Central and Eastern Europe, exiting proprietary trading, reducing the non-performing loans volume and introducing improved performance management tools. Over the past years, BAWAG P.S.K. has also been able to strengthen its capital base due to mainly profit reinvestment that today more than meets the regulatory targets.
59:
194:
27:
690:
988:
876:
297:
704:
998:
676:
341:, collateralized against Bennett's own holdings in the firm. However, the reason he required the money was that he had lent an undisclosed 430 million dollars of the broker's money to himself in an attempt to cover up the company's bad debts. The very day after BAWAG made Bennett the loan, the irregularities were made public, triggering a number of regulatory investigations. Refco has since declared
348:
In April 2006, creditors of Refco sued BAWAG for over $ 1.3 billion, alleging that the bank had colluded to hide
Bennett's fraudulent transactions back to at least 2000, and that the bank owned far more of Refco than it had ever revealed in regulatory filings. In September 2006 a New York bankruptcy
321:
BAWAG P.S.K. is one of the largest banks in
Austria. By year-end 2016, BAWAG P.S.K. reported total assets of 39.7 billion euros, an operating income of 991 million euros, a profit before tax of 470 million euros and total equity of 3.1 billion euros. The number of employees amounted to 2,496. Anas
231:
As of 2016, the bank serviced more than 2.5 million customers all over
Austria. It serves Austrian retail, small business and corporate customers across the country, offering savings, payment, lending, leasing, investment, building society and insurance products and services. Two-thirds of the
304:
In 2012, BAWAG P.S.K. began executing a transformational initiative to improve and restructure its operations to improve its financial strength and efficiency. The key pillars of the transformation included re-focusing on core geographic markets and products, driving cost efficiency through
270:
P.S.K. was founded in 1883 as
Austrian Postal Savings Bank by Georg Coch offering the idea of saving to broad sections of the population, to ensure the security of the deposits by investing in government bonds only as well as to provide funding for the state.
308:
Since 2015, the Bank has gradually grown its business by several acquisitions: In 2015, the bank acquired the former VB Leasing and in 2016 start:bausparkasse and IMMO-Bank. In 2017, the acquisitions of PayLife and
738:
1052:
605:
232:
customer loans derive from
Austria. The international activities focus on retail, corporate, commercial real estate and portfolio lending in Western developed countries.
576:
547:
470:
255:
to extend favourable terms of credit to ordinary people, as the 'Austrian Worker's Bank'. The bank was forced to close in 1934, but resumed its operations post
441:
765:
345:
bankruptcy, making BAWAG's collateral essentially worthless. Austria's central bank and
Austria's Financial Market Authority have started investigations.
281:
acquired BAWAG P.S.K. for reported €3.2 billion. In
October 2017, BAWAG Group AG, the holding company of BAWAG P.S.K., became a listed company on the
1027:
1001:
875:
646:
758:
420:
1047:
399:
902:
264:
991:
751:
263:, BAWAG, or, in English, 'Bank for Labour and Business Corporation'. Until 2006, the bank's majority shareholder was the
1037:
1032:
499:
122:
907:
236:
26:
774:
290:
286:
278:
963:
1022:
892:
855:
845:
1042:
525:
375:
58:
830:
727:
20:
BAWAG P.S.K. Bank fĂĽr Arbeit und
Wirtschaft und Ă–sterreichische Postsparkasse Aktiengesellschaft
958:
912:
938:
240:
235:
BAWAG P.S.K. has been designated as a
Significant Institution since the entry into force of
968:
897:
810:
400:"The list of significant supervised entities and the list of less significant institutions"
8:
973:
860:
825:
800:
274:
After acquiring P.S.K. by BAWAG in 2000, both banks merged to form BAWAG P.S.K. in 2005.
116:
Retail and corporate banking with focus on Austria and select Western European countries
349:
court confirmed the comprehensive settlement between BAWAG, Refco and Refco creditors.
331:
943:
850:
722:
630:
310:
193:
681:
606:"Anas Abuzaakouk appointed CEO of BAWAG P.S.K.; Byron Haynes to retire at year-end"
335:
210:
Bank fĂĽr Arbeit und Wirtschaft und Ă–sterreichische Postsparkasse Aktiengesellschaft
152:
953:
917:
205:
282:
709:
37:
743:
1016:
805:
840:
820:
790:
695:
256:
733:
884:
252:
815:
795:
782:
342:
220:. It was formed on October 1, 2005 by the merger of the separate banks
296:
322:
Abuzaakouk is Chairman of the Managing Board (CEO) since March 2017.
835:
948:
239:
in late 2014, and as a consequence is directly supervised by the
217:
95:
330:
In October 2005, BAWAG approved a loan of 425 million euros to
221:
89:
338:
225:
137:
365:"Trend" (Austrian business magazine), TOP 500, June 23, 2017
1053:
Banks under direct supervision of the European Central Bank
865:
213:
180:
717:
251:
BAWAG was founded in 1922 by former Austrian Chancellor
671:
500:"SIX sells Commercial Issuing business to easybank"
647:"Vergleich BAWAG - Refco von US-Gericht bewilligt"
739:Vienna Stock Exchange: Market Data BAWAG Group AG
1014:
773:
723:Bawag Scrutiny Mounts, Putting CEO to the Test
577:"BAWAG P.S.K. Consolidated Annual Report 2017"
548:"BAWAG P.S.K. Consolidated Annual Report 2016"
471:"BAWAG P.S.K. Consolidated Annual Report 2016"
759:
766:
752:
57:
903:YP Southeast Advertising & Publishing
442:"Shareholder Structure of BAWAG Group AG"
295:
192:
632:"Refco's Creditors Sue Austrian Bank",
267:, the Austrian Trade Union Federation.
1015:
259:in 1947. In 1963, it took the name of
1028:Cerberus Capital Management companies
747:
997:
893:YP Connecticut Information Services
300:Old logo of BAWAG P.S.K. until 2007
13:
14:
1064:
667:
261:Bank fĂĽr Arbeit und Wirtschaft AG
996:
987:
986:
874:
702:
688:
674:
325:
25:
639:
624:
598:
569:
540:
518:
492:
463:
434:
413:
392:
368:
359:
16:Fourth largest bank in Austria
1:
1048:2006 mergers and acquisitions
421:"List of supervised entities"
352:
316:
908:YP Texas Region Yellow Pages
237:European Banking Supervision
72:; 102 years ago
7:
775:Cerberus Capital Management
586:. 1 March 2017. p. 174
480:. 1 March 2017. p. 129
291:GoldenTree Asset Management
287:Cerberus Capital Management
285:. Largest shareholders are
279:Cerberus Capital Management
10:
1069:
964:Steward Health Care System
246:
1038:Banks established in 1922
1033:Companies based in Vienna
982:
926:
883:
872:
781:
636:, April 26, 2006, page C5
557:. 1 March 2017. p. 3
197:Headquarters of BAWAG-PSK
175:
165:
150:
135:
120:
112:
102:
84:
66:
51:
43:
33:
24:
734:BAWAG PSK Annual Reports
212:) is the fourth largest
728:The Wall Street Journal
634:The Wall Street Journal
959:Spyglass Entertainment
846:Shaw's and Star Market
301:
209:
198:
939:Blue Bird Corporation
898:YP Midwest Publishing
526:"BAWAG Group Website"
428:European Central Bank
407:European Central Bank
299:
283:Vienna Stock Exchange
241:European Central Bank
196:
108:Anas Abuzaakouk (CEO)
969:Stratolaunch Systems
913:YP Western Directory
725:, October 21, 2005,
974:Tower International
861:United Supermarkets
409:. 4 September 2014.
167:Number of employees
21:
380:www.bawaggroup.com
336:commodities broker
334:, then CEO of the
332:Phillip R. Bennett
302:
277:In December 2006,
199:
55:Arbeiterbank
19:
1010:
1009:
944:BlueLinx Holdings
528:. 2 November 2017
430:. 1 January 2023.
191:
190:
171:2,496 (2016)
161:
146:
143:€ 39,743 billion
131:
1060:
1023:Banks of Austria
1000:
999:
990:
989:
878:
768:
761:
754:
745:
744:
712:
707:
706:
705:
698:
693:
692:
691:
684:
682:Companies portal
679:
678:
677:
661:
660:
658:
657:
643:
637:
628:
622:
621:
619:
617:
602:
596:
595:
593:
591:
581:
573:
567:
566:
564:
562:
552:
544:
538:
537:
535:
533:
522:
516:
515:
513:
511:
496:
490:
489:
487:
485:
475:
467:
461:
460:
458:
456:
446:
438:
432:
431:
425:
417:
411:
410:
404:
396:
390:
389:
387:
386:
372:
366:
363:
313:were completed.
187:
184:
182:
159:
158:€ 3,136 billion
155:
144:
140:
129:
123:Operating income
80:
78:
73:
62:
61:
29:
22:
18:
1068:
1067:
1063:
1062:
1061:
1059:
1058:
1057:
1043:Austrian brands
1013:
1012:
1011:
1006:
978:
954:Hawaiian Telcom
922:
918:Yellowpages.com
879:
870:
777:
772:
708:
703:
701:
694:
689:
687:
680:
675:
673:
670:
665:
664:
655:
653:
645:
644:
640:
629:
625:
615:
613:
604:
603:
599:
589:
587:
579:
575:
574:
570:
560:
558:
550:
546:
545:
541:
531:
529:
524:
523:
519:
509:
507:
498:
497:
493:
483:
481:
473:
469:
468:
464:
454:
452:
444:
440:
439:
435:
423:
419:
418:
414:
402:
398:
397:
393:
384:
382:
374:
373:
369:
364:
360:
355:
328:
319:
249:
179:
168:
151:
136:
125:
105:
98:
92:
76:
74:
71:
56:
17:
12:
11:
5:
1066:
1056:
1055:
1050:
1045:
1040:
1035:
1030:
1025:
1008:
1007:
1005:
1004:
994:
983:
980:
979:
977:
976:
971:
966:
961:
956:
951:
946:
941:
936:
930:
928:
924:
923:
921:
920:
915:
910:
905:
900:
895:
889:
887:
881:
880:
873:
871:
869:
868:
863:
858:
853:
848:
843:
838:
833:
828:
823:
818:
813:
808:
803:
798:
793:
787:
785:
779:
778:
771:
770:
763:
756:
748:
742:
741:
736:
731:
720:
714:
713:
710:Austria portal
699:
685:
669:
668:External links
666:
663:
662:
638:
623:
612:. 9 March 2017
597:
568:
539:
517:
506:. 7 March 2017
491:
462:
451:. 1 March 2017
433:
412:
391:
367:
357:
356:
354:
351:
327:
324:
318:
315:
248:
245:
189:
188:
177:
173:
172:
169:
166:
163:
162:
156:
148:
147:
141:
133:
132:
128:€ 991 million
126:
121:
118:
117:
114:
110:
109:
106:
103:
100:
99:
94:
88:
86:
82:
81:
68:
64:
63:
53:
49:
48:
45:
41:
40:
35:
31:
30:
15:
9:
6:
4:
3:
2:
1065:
1054:
1051:
1049:
1046:
1044:
1041:
1039:
1036:
1034:
1031:
1029:
1026:
1024:
1021:
1020:
1018:
1003:
995:
993:
985:
984:
981:
975:
972:
970:
967:
965:
962:
960:
957:
955:
952:
950:
947:
945:
942:
940:
937:
935:
932:
931:
929:
925:
919:
916:
914:
911:
909:
906:
904:
901:
899:
896:
894:
891:
890:
888:
886:
882:
877:
867:
864:
862:
859:
857:
854:
852:
849:
847:
844:
842:
839:
837:
834:
832:
829:
827:
826:Market Street
824:
822:
819:
817:
814:
812:
809:
807:
804:
802:
799:
797:
794:
792:
789:
788:
786:
784:
780:
776:
769:
764:
762:
757:
755:
750:
749:
746:
740:
737:
735:
732:
730:
729:
724:
721:
719:
716:
715:
711:
700:
697:
686:
683:
672:
652:
648:
642:
635:
631:
627:
611:
607:
601:
585:
578:
572:
556:
549:
543:
527:
521:
505:
501:
495:
479:
472:
466:
450:
443:
437:
429:
422:
416:
408:
401:
395:
381:
377:
376:"BAWAG GROUP"
371:
362:
358:
350:
346:
344:
340:
337:
333:
326:Refco Scandal
323:
314:
312:
306:
298:
294:
292:
288:
284:
280:
275:
272:
268:
266:
262:
258:
254:
244:
242:
238:
233:
229:
227:
223:
219:
215:
211:
207:
203:
195:
186:
178:
174:
170:
164:
157:
154:
149:
142:
139:
134:
127:
124:
119:
115:
111:
107:
101:
97:
91:
87:
83:
69:
65:
60:
54:
50:
46:
42:
39:
36:
32:
28:
23:
934:BAWAG P.S.K.
933:
791:Acme Markets
726:
696:Banks portal
654:. Retrieved
650:
641:
633:
626:
614:. Retrieved
609:
600:
588:. Retrieved
583:
571:
559:. Retrieved
554:
542:
530:. Retrieved
520:
508:. Retrieved
503:
494:
482:. Retrieved
477:
465:
453:. Retrieved
448:
436:
427:
415:
406:
394:
383:. Retrieved
379:
370:
361:
347:
329:
320:
307:
303:
289:(35.1%) and
276:
273:
269:
260:
257:World War II
250:
234:
230:
202:BAWAG P.S.K.
201:
200:
160:(31.12.2016)
153:Total equity
145:(31.12.2016)
138:Total assets
85:Headquarters
34:Company type
1002:WikiCommons
885:YP Holdings
851:Super Saver
718:BAWAG P.S.K
610:BAWAG Group
584:BAWAG Group
555:BAWAG Group
504:BAWAG Group
478:BAWAG Group
449:BAWAG Group
311:SĂĽdwestbank
253:Karl Renner
52:Predecessor
1017:Categories
816:Jewel-Osco
796:Albertsons
783:Albertsons
656:2017-11-06
616:2 November
590:2 November
561:2 November
532:2 November
510:6 November
484:2 November
455:6 February
385:2017-11-06
353:References
343:chapter 11
317:Operations
104:Key people
856:Tom Thumb
831:Pavilions
293:(25.7%).
183:.bawagpsk
992:Category
836:Randalls
113:Products
44:Industry
949:DynCorp
841:Safeway
247:History
218:Austria
176:Website
96:Austria
75: (
67:Founded
47:Banking
811:Haggen
801:Amigos
651:OTS.at
222:P.S.K.
206:German
130:(2016)
90:Vienna
38:Public
927:Other
821:Lucky
806:Carrs
580:(PDF)
551:(PDF)
474:(PDF)
445:(PDF)
424:(PDF)
403:(PDF)
339:Refco
226:BAWAG
866:Vons
618:2017
592:2017
563:2017
534:2017
512:2017
486:2017
457:2018
224:and
214:bank
185:.com
77:1922
70:1922
265:Ă–GB
216:in
181:www
1019::
649:.
608:.
582:.
553:.
502:.
476:.
447:.
426:.
405:.
378:.
243:.
228:.
208::
93:,
767:e
760:t
753:v
659:.
620:.
594:.
565:.
536:.
514:.
488:.
459:.
388:.
204:(
79:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
