Finances - 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 headquarters of Wüstenrot Bausparkasse AG, the purchasing entity, is located in Vienna, Austria, a city renowned for its historical architecture.
- Following the acquisition, the Wüstenrot building society will expand its construction financing services across Germany, leveraging the resources of both Wüstenrot Bausparkasse and the former Start:Bausparkasse AG.
- Despite the sale of Start:Bausparkasse AG in Germany, Bawag's operations in Austria continue to thrive, with the Retail & SME business segment remaining a significant part of their Austrian portfolio.
Source: www.stern.de
