COMPANY PROFILE BAWAG P.S.K - Mitten im Leben. · PDF file3 SEPTEMBER 2, 2013 COMPANY PROFILE:...
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BANKING SEPTEMBER 2, 2013 Table of Contents: COMPANY OVERVIEW 1 FINANCIAL HIGHLIGHTS (AS REPORTED) 2 BUSINESS ACTIVITIES 3 DISTRIBUTION CAPACITY AND MARKET SHARE 5 OWNERSHIP AND STRUCTURE 6 Ownership Structure 7 Subsidiaries and Associates 7 CAPITAL INJECTION PROGRAMME 9 COMPANY MANAGEMENT 10 COMPANY HISTORY 13 PEER GROUP 14 RELATED WEBSITES AND INFORMATION SOURCES 14 MOODY’S RELATED RESEARCH 14 Analyst Contacts: FRANKFURT +49.69.70730.700 Michael Rohr +49.69.70730.901 Vice President – Senior Analyst [email protected] Carola Schuler +49.69.70730.766 Managing Director [email protected] This report, exclusively provided to you by Moody’s, presents a convenient summary of as reported, publicly available information. The information is not adjusted for Moody’s analytic purposes. For Moody’s Ratings, Opinion and Analytics on this company, please [Click here ]. To access the latest Moody's Credit Opinion on this company, please [Click here ]. BAWAG P.S.K. Vienna, Austria Company Overview Bank für Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG (BAWAG P.S.K.) is one of the four largest banking institutions in Austria. As of 31 December 2012, it held a 4.2% share among Austrian banking institutions, based on its total consolidated assets of €41.3 billion. BAWAG P.S.K. offers a range of retail and corporate banking products, including deposit- taking, loans and investment services. Moreover, it provides international business products, financing, corporate bonds, treasury, capital market solutions, securities, asset management and investment services. The bank operates mainly in Austria, although it has a minor presence in Malta. The bank was established in 2005 as a result of the merger of two Austrian banks, the former trade union bank BAWAG and the former postal savings bank Oesterreichische Postsparkasse AG (P.S.K.). As of 31 December 2012, the bank’s major shareholders were Cerberus Capital Management L.P. (Cerberus, 51.78% stake) and GoldenTree Asset Management L.P. (GoldenTree, 39.46%). Source: Company Reports (annual report Dec 2012, Dec 2011 and Dec 2010), Company data, Moody’s research, www.oneb.at
Transcript of COMPANY PROFILE BAWAG P.S.K - Mitten im Leben. · PDF file3 SEPTEMBER 2, 2013 COMPANY PROFILE:...
COMPANY PROFILE
BANKING SEPTEMBER 2, 2013
Table of Contents:
COMPANY OVERVIEW 1 FINANCIAL HIGHLIGHTS (AS REPORTED) 2 BUSINESS ACTIVITIES 3 DISTRIBUTION CAPACITY AND MARKET SHARE 5 OWNERSHIP AND STRUCTURE 6
Ownership Structure 7 Subsidiaries and Associates 7
CAPITAL INJECTION PROGRAMME 9 COMPANY MANAGEMENT 10 COMPANY HISTORY 13 PEER GROUP 14 RELATED WEBSITES AND INFORMATION SOURCES 14 MOODY’S RELATED RESEARCH 14
Analyst Contacts:
FRANKFURT +49.69.70730.700
Michael Rohr +49.69.70730.901 Vice President – Senior Analyst [email protected]
Carola Schuler +49.69.70730.766 Managing Director [email protected]
This report, exclusively provided to you by Moody’s, presents a convenient summary of as reported, publicly available information. The information is not adjusted for Moody’s analytic purposes. For Moody’s Ratings, Opinion and Analytics on this company, please [Click here]. To access the latest Moody's Credit Opinion on this company, please [Click here].
BAWAG P.S.K. Vienna, Austria
Company Overview
Bank für Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG (BAWAG P.S.K.) is one of the four largest banking institutions in Austria. As of 31 December 2012, it held a 4.2% share among Austrian banking institutions, based on its total consolidated assets of €41.3 billion.
BAWAG P.S.K. offers a range of retail and corporate banking products, including deposit-taking, loans and investment services. Moreover, it provides international business products, financing, corporate bonds, treasury, capital market solutions, securities, asset management and investment services. The bank operates mainly in Austria, although it has a minor presence in Malta.
The bank was established in 2005 as a result of the merger of two Austrian banks, the former trade union bank BAWAG and the former postal savings bank Oesterreichische Postsparkasse AG (P.S.K.). As of 31 December 2012, the bank’s major shareholders were Cerberus Capital Management L.P. (Cerberus, 51.78% stake) and GoldenTree Asset Management L.P. (GoldenTree, 39.46%).
Source: Company Reports (annual report Dec 2012, Dec 2011 and Dec 2010), Company data, Moody’s research, www.oneb.at
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Financial Highlights (as Reported)
Note: The financials presented below are those reported by the entity and are not adjusted for Moody’s analytic purposes. For Moody’s generated ratios on BAWAG P.S.K., please see <BAWAG P.S.K. page on moodys.com>.
EXHIBIT 1
Latest Full-Year Results BAWAG P.S.K.
(in € Million) 31-Dec-12 31-Dec-11 31-Dec-10 % Change
12/11 % Change
11/10
Total Assets 41,265 41,077 38,556 0.46 6.54
Total Shareholders’ Equity 2,838 2,328 2,386 21.91 (2.43)
Shareholders’ Equity excluding Minority Interest 2,445 1,962 2,016 24.62 (2.68)
Own Funds 2,835 2,865 2,912 (1.05) (1.61)
Tier 1 Ratio (%) 11.7 9.6 8.9 210 bps 70 bps
Net Income 136 121 137 12.83 (11.57)
Net Income Attributable to Equity Holders 107 123 122 (12.41) 0.57
Note: 1) Consolidated financials are considered
2) “Total Shareholders’ Equity” is calculated by adding “Minority Interest” to “Shareholders’ Equity excluding Minority Interest”
Source: Company Reports (annual report Dec 2012 and Dec 2011)
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Business Activities
BAWAG P.S.K. offers a wide range of retail and corporate banking products and services, organised under the following four key segments: Retail and Small Business; Corporates; International Business; and Financial Markets. An additional reporting segment, Corporate Center/ALM, mainly includes the bank’s asset and liability management, funding portfolios, structured credit portfolios, equity capital investments, and other bank and non-bank subsidiaries and portfolios. It also includes other equity investments not forming part of its core business, as well as any consolidation effects. In the financial year ended 31 December 2012 (2012), the largest contributor to the bank’s net interest income was the Retail and Small Business segment.
Retail and Small Business: This segment, which in 2012 accounted for 56.6%1 of the bank’s net interest income, offers retail banking products and services such as current accounts, deposit-taking, loans, credit cards and securities business to individuals and small and medium-sized enterprises (SMEs). The segment also includes “easybank”, an Austrian direct bank, and BAWAG P.S.K. Invest, its asset management business. As of 31 December 2012, this segment reported total consolidated assets of €7.0 billion.
Corporates: Apart from providing traditional banking products, this segment provides tailor-made financing, structured finance products and investment solutions to the public sector, financial institutions, institutional customers and other commercial customers, primarily to those located in Austria. This segment also includes the leasing activities of the bank and the business activities of BV Holding GmbH and OeVKB. As of 31 December 2012, this segment reported total consolidated assets of €14.4 billion, and accounted for 25.7% of the bank’s net interest income in 2012.
International Business: This segment includes two units: International Corporates and International Commercial Real Estate.
» International Corporates invests primarily in investment-grade corporate bonds and loans denominated in Euros and foreign currencies.
» International Commercial Real Estate primarily offers financing to investment grade clients in commercial real estate sectors such as office, retail, industrial and hospitality in Western Europe.
As of 31 December 2012, this segment reported total consolidated assets of €3.4 billion, and accounted for 15.1% of the bank’s net interest income in 2012.
Financial Markets: This segment conducts trading and investment activities for the bank’s customers. As of 31 December 2012, this segment reported total consolidated assets of €4.2 billion, and accounted for 2.6% of the bank’s net interest income in 2012.
Source: Company Reports (annual report Dec 2012, Dec 2011 and Dec 2010)
1 Throughout this section, such percentages are calculated by excluding the noncore Corporate Center/ALM segment
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EXHIBIT 2
Business Segment (% of Net Interest Income, consolidated, for 2012)
Note: Excludes noncore Corporate Center/ALM segment Source: Company Report (annual report Dec 2012, Pg: 127)
EXHIBIT 3
Profit/Loss Before Tax by Business Segment (consolidated, in € Million)
Note: Excludes noncore Corporate Center/ALM segment Source: Company Reports (annual report Dec 2012, Pg: 127 and Dec 2011, Pg: 132)
Retail and Small Business56.6%Corporates
25.7%
International Business15.1%
Financial Markets2.6%
-39
133
5937
16
132
64
-8
19
63 74
38
-100
-50
0
50
100
150
200
Retail and Small Business Corporates International Business Financial Markets
2010 2011 2012
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Distribution Capacity and Market Share
BAWAG P.S.K. operates through the largest centrally managed distribution network in Austria, comprising 506 branches as of 31 December 2012. In addition, the bank offers its products and services through over 1,000 post office branches, based on a long-dated contract with Oesterreichische Post AG (Austrian Post). In October 2010, BAWAG P.S.K. and Austrian Post announced that they would further expand their existing cooperation; by the end of 2013, the two institutions will develop a joint network of full branches in around 500 locations throughout the country. As of 31 December 2012, the bank, along with Austrian Post, had already opened 461 of 500 planned joint branches.
BAWAG P.S.K. also aims to become a leader in Austrian multichannel banking by further enhancing its proprietary e-banking system and online customer platform, as well as the internet-based banking operations carried out through its wholly-owned subsidiary, easybank AG.
Furthermore, the bank offered its services through approximately 1,500 self-service terminals as of 31 December 2012. As of the same date, it operated 131 deposit terminals capable of carrying out cash and coin deposits.
Internationally, the bank maintains operations in Hungary and Malta, through representative offices, subsidiaries and equity holdings, as well as through cooperation with local partners. The bank recently announced that it will dispose of its remaining shares in MKB, a Hungarian bank. This sale is subject to regulatory approval by the Hungarian authorities, which is expected in the second half of 2013.
Geographically, the bank’s loan portfolio was distributed as follows:
EXHIBIT 4
BAWAG P.S.K.
Loans (%)
Geographical Segment 31-Dec-12 31-Dec-11
Austria 78.0 76.3
Western Europe 16.3 16.1
Central and Eastern Europe (CEE) 3.6 4.8
North America 1.3 2.0
Others 0.8 0.8
Total 100.0 100.0
Source: Company Reports (annual report Dec 2012 and Dec 2011)
BAWAG P.S.K. possesses a comprehensive retail banking franchise, with a share of over 6% in terms of key deposit products in Austria, as of 31 December 2012. In terms of total assets, BAWAG P.S.K. is among the country’s four largest banking groups.
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The bank’s market shares among Austrian banking institutions were as follows:
EXHIBIT 5
Market Shares of BAWAG P.S.K.
(% Share) 31-Dec-12 31-Dec-11 31-Dec-10
Total Loans 6.9 6.6 6.2
Total Assets 4.2 4.0 3.9
Note: “Total loans” for the Austrian banking sector is calculated by adding “Loans to domestic non-banks” and “Loans to foreign non-banks”
Source: Company Reports (annual report Dec 2012 and Dec 2011, interim report H1 2013), Company data, Moody’s research, www.oenb.at
Ownership and Structure
As of 31 December 2012, BAWAG P.S.K. had 250 million shares outstanding. The bank is wholly owned by BAWAG Holding GmbH (BAWAG Holding), which holds 99.62% of the shares directly, as well as 0.38% indirectly through a wholly owned subsidiary, Pa-Zweiundsechzigste WT Beteiligungsverwaltungs GmbH.
BAWAG Holding is wholly owned by the Dutch financial holding company Promontoria Sacher Holding NV, which in turn is wholly owned by Promontoria Sacher Coöperatie U.A. As of 31 December 2012, Promontoria Sacher Coöperatie U.A. was wholly owned by BAWAG Investor Holdings Ltd.
As of 31 December 2012, BAWAG Investor Holdings Ltd. was primarily owned by Cerberus (51.78% stake) and GoldenTree (39.46%); and the remaining shares were held by other entities, including Austrian Post, Generali Holding Vienna AG and Wüstenrot Wohnungswirtschaft registrierte Genossenschaft mit beschränkter Haftung.
Source: Company Report (annual report Dec 2012)
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Ownership Structure
Subsidiaries and Associates
As of 31 December 2012, the major subsidiaries of the bank were as follows:
EXHIBIT 7
BAWAG P.S.K.
Subsidiary Location % Held
Banks
BAWAG Malta Bank Limited Sliema 100.00
BAWAG P.S.K. Invest GmbH Vienna 100.00
BAWAG P.S.K. Wohnbaubank Aktiengesellschaft Vienna 100.00
easybank AG Vienna 100.00
Österreichische Verkehrskreditbank AG Vienna 100.00
Real Estate
BAWAG P.S.K. Immobilien GmbH Vienna 100.00
BPI Holding GmbH & Co KEG. Vienna 100.00
CARNI Industrie-Immobiliengesellschaft m.b.H. Vienna 100.00
R & B Leasinggesellschaft m.b.H. Vienna 100.00
RVG Realitätenverwertungsgesellschaft m.b.H. Vienna 100.00
Source: Company Report (annual report Dec 2012, interim report H1 2013),Company data, Moody’s research
Cerberus Capital Management, L.P.
Promontoria Sacher Holding NV
BAWAG Holding GmbH
BAWAG P.S.K.
Pa-Zweiundsechzigste WT Beteiligungsverwaltungs GmbH
GoldenTree Asset Management L.P.
51.78% 39.46%
100%
99.62%
0.38%
100%
(via trustee)
Other investors
8.76%
100%
EXHIBIT 6
Ownership Structure as of 30 June 2013
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EXHIBIT 7
BAWAG P.S.K.
Subsidiary Location % Held
Leasing
BAWAG P.S.K. Fuhrparkleasing GmbH Vienna 100.00
BAWAG P.S.K. Immobilienleasing GmbH Vienna 100.00
BAWAG P.S.K. Kommerzleasing GmbH Vienna 100.00
BAWAG P.S.K. Leasing GmbH & Co. Mobilienleasing KG. Vienna 100.00
BAWAG P.S.K. Leasing GmbH Vienna 100.00
BAWAG P.S.K. Mobilienleasing GmbH Vienna 100.00
BAWAG P.S.K. Vermietungs- und Leasing GmbH Vienna 100.00
CVG Immobilien GmbH Vienna 100.00
HBV Holding und Beteiligungsverwaltung GmbH Vienna 100.00
KLB Baulandentwicklung GmbH Vienna 100.00
M. Sittikus Str. 10 Errichtungs GmbH Vienna 100.00
P.S.K. Immobilienleasing GmbH Vienna 100.00
RF BAWAG Leasing Gesellschaft m.b.H. Vienna 100.00
RF 17 BAWAG Immobilienleasing GmbH Vienna 100.00
RF fünfzehn BAWAG Mobilien-Leasing Gesellschaft m.b.H. Vienna 100.00
RF sechs BAWAG P.S.K. Leasing GmbH & Co. KG. Vienna 100.00
RF zwölf BAWAG Leasing Gesellschaft m.b.H. Vienna 100.00
START Immobilienleasing GmbH Vienna 100.00
Other Non-Credit Institutions
A.U.S. Alpha Holding GmbH Vienna 100.00
A.U.S. Alpha Vermögensverwaltung GmbH Vienna 100.00
A.U.S. Beta Holding GmbH Vienna 100.00
A.U.S. Beta Vermögensverwaltung GmbH Vienna 100.00
A.U.S. Delta Holding GmbH Vienna 100.00
A.U.S. Delta Vermögensverwaltung GmbH Vienna 100.00
A.U.S. Gamma Holding GmbH Vienna 100.00
A.U.S. Gamma Vermögensverwaltung GmbH Vienna 100.00
BAWAG Capital Finance II Limited Jersey 100.00
BAWAG Capital Finance Limited Jersey 100.00
BAWAG Finance Malta Ltd. Sliema 100.00
BAWAG Investments Ltd. Jersey 100.00
BAWAG P.S.K. Jersey Capital Limited Jersey 100.00
BAWAG P.S.K. Versicherung AG Vienna 25.00
Bodensee Limited Sliema 51.00
BV Holding GmbH Vienna 100.00
BV Vermögensverwaltung GmbH Vienna 100.00
NAVENSIS Zahlungsverkehrsabwicklungs GmbH Vienna 100.00
P.S.K. Beteiligungsverwaltung GmbH Vienna 100.00
Rhein Limited Grand Cayman 51.00
Vindobona Finance Beta S.A. Luxembourg 100.00
Source: Company Report (annual report Dec 2012)
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Capital Injection Programme
During 2009, BAWAG P.S.K., in common with other Austrian banks, decided to take measures to strengthen its capital base, including making use of the Austrian Government Support Scheme. In April 2009, an agreement in principle was reached regarding a €755 million capital injection, from both its existing shareholders (€205 million; contributed in August 2009) and the Republic of Austria (€550 million; contributed in the form of participation capital). Moreover, under the agreement, BAWAG P.S.K. was to receive a guarantee from the Republic of Austria of €400 million to support specified assets held on the bank’s balance sheet. The bank also issued Tier 2 qualifying bonds totalling €80 million. On 22 June 2010, the bank cancelled in full its entitlement to the guarantee from the Republic of Austria and, on 30 June 2010, received approval from the European Union for a participation capital package. The package includes the sale of certain noncore businesses, temporary suspension of dividends, limited investments outside Austria and early redemption of some securities. In June 2013, BAWAG P.S.K. paid back €50 million out of the €550 million participation capital injected by the Republic of Austria in 2009.
To further strengthen the quality of its capital, the bank has started to buy back its hybrid instruments:
» In February 2012, it announced a buyback offer for the outstanding preference shares worth €150 million issued by its subsidiary BAWAG Capital Finance Ltd., Jersey (BCF), and another €150 million issued by BAWAG Capital Finance II Ltd., Jersey (BCF II). On 6 March 2012, BAWAG bought back preference shares with a liquidation preference of €111 million and a face value of €158 million.
» On 5 March 2012, the bank purchased all outstanding preference shares from the sole holder. They were collectively worth JPY14 billion and issued by BAWAG Capital Finance III Ltd., Jersey (BCF III).
On 28 December 2012, BAWAG P.S.K. announced an equity capital raise of €200 million from investors and current shareholders. Cerberus underwrote the capital raise and remained the controlling shareholder, with a 51.78% stake. GoldenTree also participated in the capital raise and became a significant minority shareholder, with a 39.46% stake. The capital raise was executed effective 31 December 2012, and it also served as the required replacement capital.
Source: Company Reports (annual report Dec 2012, Dec 2011 and Dec 2010), Moody’s research
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Company Management
Managing Board Current Title Responsibilities
Byron Haynes Chairman of the Managing Board and Chief Executive Officer (CEO)
CEO: Corporate Office, Communications & Sponsoring, Human Resources, Strategy & Economics, International Business and Legal & Compliance
Andreas Arndt Member of the Managing Board and Chief Financial Officer (CFO)
Accounting & Participations, Controlling & Investor Relations and Asset Liability Management (ALM) & Capital Management
Corey Pinkston Member of the Managing Board and Head of Corporate & Financial Markets
Corporates & Markets Business Development, Corporates & Market Sales, Corporates & Market Solutions, Financial Markets Trading & Investments and Corporates Marketing
Jochen Klöpper Member of the Managing Board and Chief Risk Officer (CRO)
Corporate & Institutional Risk, Credit Risk Retail & SME, Market Risk and Risk Reporting
Wolfgang Klein Member of the Managing Board, Deputy CEO and Head of Retail & Small Business; Comma Soft AG, BAWAG P.S.K. Versicherung AG and media.at GmbH: Supervisory Board Chairman; PayLife Bank GmbH, BWA Beteiligungs- und Verwaltungs-Aktiengesellschaft and Bausparkasse Wüstenrot AG: Supervisory Board Member
Retail Sales, Sales Steering & Support, Marketing & Products and E-Commerce
As of 1 Jan 2013
Supervisory Board Affiliation Committees
Franklin W. Hobbs Chairman of the Supervisory Board; Ally Financial, Inc.: Chairman of the Board of Directors; Molson Coors Brewing Company and the Lord Abbett Funds: Member of the Board of Directors; The Frick Collection: Member of the Board of Trustees; U.S. Fund for UNICEF: Member of the Board
N/A
Cees Maas First Deputy Chairman of the Supervisory Board; Aozora Bank, Ltd.: Non-Executive Director
Audit and Compliance Committee, Risk and Credit Committee (C), Related Parties Special Audit Committee (DC), Nomination Committee (C), Remuneration Committee (C) and Committee for Management Board Matters (C)
Pieter Korteweg Second Deputy Chairman of the Supervisory Board; AerCap Holdings NV: Non-Executive Director and Chairman
Related Parties Special Audit Committee, Nomination Committee (DC), Remuneration Committee (DC) and Committee for Management Board Matters (DC)
Frederick S. Haddad Member of the Supervisory Board N/A
Marius J.L. Jonkhart Member of the Supervisory Board; AerCap Holdings NV and Aozora Bank, Ltd.: Non-Executive Director
Audit and Compliance Committee (C), Risk and Credit Committee (DC) and Related Parties Special Audit Committee (C)
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Supervisory Board Affiliation Committees
Walter Oblin Member of the Supervisory Board Audit and Compliance Committee, Risk and Credit Committee and Related Parties Special Audit Committee
Keith Tietjen Member of the Supervisory Board Audit and Compliance Committee (DC) and Committee for Management Board Matters
Ingrid Streibel-Zarfl Member of the Supervisory Board, Works Council delegate
Audit and Compliance Committee, Risk and Credit Committee, Related Parties Special Audit Committee, Nomination Committee and Remuneration Committee
Brigitte Jakubovits Member of the Supervisory Board, Works Council delegate
Audit and Compliance Committee, Related Parties Special Audit Committee and Nomination Committee
Beatrix Pröll Member of the Supervisory Board, Works Council delegate
Risk and Credit Committee
Beate Schaffer Member of the Supervisory Board, State Commissioner
N/A
Markus Chmelik Member of the Supervisory Board, Deputy State Commissioner
N/A
André Weiss Member of the Supervisory Board N/A
Konstantin Latsunas Member of the Supervisory Board, Works Council delegate
N/A
As of 13 Mar 2013
(C) = Committee Chairman, (DC) = Committee Deputy Chairman
Source: Company Report (corporate governance report Dec 2012), Company data
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EXHIBIT 8
Corporate Governance Structure as of 31 December 2012
Source: Company Report (corporate governance report Dec 2012)
Annual General Meeting
Supervisory Board
Risk and Credit Committee
Audit and Compliance Committee
Related Parties Committee
Nomination Committee
Managing Board
Strategic Asset Liability Committee
Enterprise Risk Meeting
Credit Policy Committee
Credit Approval Committee
Committee for Management Board
Matters
Asset Pricing Committee
Remuneration Committee
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13 SEPTEMBER 2, 2013 COMPANY PROFILE: BAWAG P.S.K.
Company History
Bank für Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG (BAWAG P.S.K.) originated as Bank für Arbeit und Wirtschaft (BAWAG), which had been established in 1922 as a trade union bank, and Oesterreichische Postsparkasse AG (P.S.K.), which had been founded in 1875 as a government-owned postal savings bank.
In 1995, Bayerische Landesbank (BayernLB) acquired a 46.43% stake in BAWAG, which was sold in 2004 to the Association of Austrian Trade Unions (OeGB). In 2000, BAWAG (along with an investor consortium) acquired full ownership of P.S.K., merging and fully integrating P.S.K. into the new BAWAG P.S.K. in 2005.
In 2006, the Republic of Austria granted a guarantee to re-stabilise the bank following a class action suit against it in the US. Later the same year, the OeGB decided to sell its shares in BAWAG P.S.K. to a consortium managed by Cerberus, comprising Austrian Post, Generali Holding AG and Wuestenrot Verwaltungs- und Dienstleistungen GmbH, as well as a sub-consortium of several Austrian industrialists. The consortium completed its acquisition of BAWAG P.S.K. in May 2007. The injection of capital by the new owner replaced the guarantee granted in favour of the bank by the Republic of Austria.
Over 2007–08, as a part of a new strategy to streamline its operations, the bank sold some of its noncore businesses, including its subsidiaries in Slovakia and the Czech Republic and several real estate assets. Furthermore, Sparda Bank AG was merged into the bank.
In 2010, BAWAG P.S.K. started to put its subsidiaries in Ireland into liquidation. Consequently, it liquidated BAWAG International Finance Ltd. (Ireland) in 2010; Datchet Limited in April 2011; and Polestar Limited and Shrivenham Limited in 2012. The bank has also reduced the number of companies active in Liechtenstein (through mergers) and Jersey (through closings), and has closed its operations in the UK. During 2010, it liquidated BAWAG P.S.K. Jersey Auto Finance Ltd., Auto Finance Jersey I Ltd. and Auto Finance Jersey II Ltd.
In August 2013, BAWAG P.S.K. announced its plans to merge with Österreichische Verkehrskreditbank AG (ÖVKB) in 2013. BAWAG P.S.K. will take over the rail cargo operations and payment services for Austrian Railways (ÖBB), which were previously handled by ÖVKB. The application for approval of the merger was submitted to the FMA at the end of March 2013.
Source: Company Reports (annual report Dec 2012, Dec 2011, Dec 2010 and Dec 2008, interim report H1 2013), Company data, Moody’s research
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14 SEPTEMBER 2, 2013 COMPANY PROFILE: BAWAG P.S.K.
Peer Group
» Oesterreichische Volksbanken AG
» Deutsche Postbank AG
Related Websites and Information Sources
For additional information, please see:
» the company’s website: www.bawagpsk.com
» the regulator’s website: www.oenb.at
MOODY’S has provided links or references to third party World Wide Websites or URLs ("Links or References") solely for your convenience in locating related information and services. The websites reached through these Links or References have not necessarily been reviewed by MOODY’S, and are maintained by a third party over which MOODY’S exercises no control. Accordingly, MOODY’S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on any third party web site accessed via a Link or Reference. Moreover, a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any third party.
Moody’s Related Research
Credit Opinion:
» BAWAG P.S.K.
Banking System Outlook:
» Austria, March 2013 (149556)
Banking System Profile:
» Austria, February 2013 (148826)
Special Comments:
» Austrian Banking System Capitalisation Levels Remain Challenged, Despite Improvements, August 2013 (157248)
» Call on Austrian Banks to Raise Capital is Credit Positive, but Highlights Weakness, December 2012 (143908)
» Key Drivers of Austrian Bank Rating Actions, June 2012 (142002)
To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this report and that more recent reports may be available. All research may not be available to all clients.
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15 SEPTEMBER 2, 2013 COMPANY PROFILE: BAWAG P.S.K.
Report Number: 157939
Authors Michael Rohr Mira Carey
Editor Karen Wong
Production Associate Sarah Warburton
© 2013 Moody’s Investors Service, Inc. and/or its licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
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For Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail clients. It would be dangerous for retail clients to make any investment decision based on MOODY’S credit rating. If in doubt you should contact your financial or other professional adviser.
