A decade on from disaster, Austrian bank BAWAG plans IPO
Published on: Wednesday 27 September 2017
Austria's former trade union bank BAWAG is planning a stock market debut later this year to set the seal on a decade-long recovery from its near collapse in a fraud scandal. The initial public offering (IPO) looks set to be the country's largest for at least 10 years, and would provide an opportunity for its majority owner, U.S. private equity firm Cerberus Capital Management, to cash in on its investment. Sources close to the matter told Reuters in June the listing of a 20-30 percent stake could value Austria's fourth-biggest lender at up to 5 billion euros ($5.9 billion).
