Amundi is acquiring BAWAG PSK INVEST, BAWAG PSK’s asset management subsidiary.
The transaction has been approved by the supervisory boards of BAWAG PSK and Amundi but remains subject to customary closing conditions and regulatory approvals.
BAWAG PSK INVEST is BAWAG PSK’s wholly owned asset management subsidiary. INVEST has a total of EUR4.6 billion of assets under management as at 30 June 2014, encompassing 78 retail and institutional funds for BAWAG PSK customers.
Amundi will continue to operate INVEST out of Austria and build on its existing franchise. BAWAG PSK will distribute Amundi Asset Management’s fund products throughout Austria via its physical and digital multi-channel distribution capacities, including 500 branches across the country.
“BAWAG PSK INVEST is a great business and we are proud of the role it has played in BAWAG PSK’s history”, says Byron Haynes, CEO of BAWAG PSK “Amundi is the right global business to carry on growing the franchise for the benefit of our customers and employees. This transaction is consistent with our strategy and enables us to partner with a world-class asset manager, continue offering the products that our customers want, and at the same time focus on what we know best – our core retail franchise.”
“This acquisition is perfectly in line with our objective to accelerate our international development”, adds Yves Perrier, chief executive officer of Amundi. “And the long term strategic distribution partnership agreement with BAWAG PSK, one of the major banking players in Austria with 1.6 million customers, highlights our recognized expertise as a partner of choice to provide savings solutions to the customers of banking networks.”
Deutsche Bank acted as financial advisor to BAWAG PSK, and BPV Hügel served as the legal advisor. Morgan Stanley acted as financial advisor to Amundi, and Baker McKenzie served as legal advisor.