Germany - Bawag sells Start:Bausparkasse to Wüstenrot
The Austrian financial group Bawag has sold the German Start:Bausparkasse AG (formerly Deutscher Ring Bausparkasse) to Wüstenrot Bausparkasse AG, a member of the W&W Group. Subject to the approval of the antitrust and supervisory authorities, the transaction is expected to be completed in the course of 2024. The parties have agreed not to disclose the purchase price, as the Bawag Group announced on Friday after the close of trading.
At the end of 2022, Start:Bausparkasse in Germany had total assets of EUR 0.5 billion. According to Bawag, Hamburg-based Start:Bausparkasse AG in Germany is completely independent from Start:Bausparkasse AG in Austria, which remains part of the Retail & SME business segment.
Bawag press release
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The Wüstenrot Building Society, based in Germany, will take over the German branch of Start:Bausparkasse AG following the sale by Austrian financial group Bawag. This development in Construction within Germany is part of Wüstenrot Bausparkasse AG, a member of the W&W Group, and is subject to approval from antitrust and supervisory authorities.
Before the sale, Start:Bausparkasse in Germany boasted total assets of EUR 0.5 billion, and Bawag confirmed its Hamburg-based subsidiary's independence from its Austrian counterpart, which remains under its Retail & SME business segment.
The Wüstenrot and W&W Groups' expansive reach extends to both Germany and Austria as they delve further into the realm of Finances and Construction.
Source: www.stern.de
