BAWAG bank IPO - Austria’s BAWAG Bank plans IPO in 2010

January 11, 2008

BAWAG bank, which is one of the leading banks in Austria has informed the shareholders of the company that the bank is planning to go public by the year 2010 by means of an Initial Public Offer (IPO). Cerberus, a leading private equity group bought the BAWAG bank for 3.2 billion euros ($5 billion), just about a year back. Before Cerberus bought the bank, the entire shareholding of the bank was with the trade union. The bank made little progress because of this fact and was nearing bankruptcy. Finally common sense prevailed and the trade union decided to sell off its stake to Cerebrus. With the bank going public in 2010, the fortunes of this multi billion dollar financial giant are likely to change for the better.

Posted in Bank IPO