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Gleiss Lutz Advises Bawag on Acquisition of Deutscher Ring Bausparkasse

Gleiss Lutz Advises Bawag on Acquisition of Deutscher Ring Bausparkasse

Austria
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Gleiss Lutz has advised Bawag P.S.K. on its acquisition of all of the shares in Deutscher Ring Bausparkasse — the Hamburg-based building society — from Basler Versicherungen and the Signal Iduna Group.

The transaction is subject to the customary closing conditions and regulatory approvals. The parties have agreed to keep the purchase price and the details of the agreement confidential. 

With a balance sheet total of EUR 40 billion in late 2016, Bawag P.S.K. serves over 2.2 million private, SME, and corporate customers throughout Austria. Its activities in Austria are supplemented by international business with a focus on private, corporate, commercial real estate, and portfolio financing in selected Western industrialized countries.

Hamburg-based Deutscher Ring Bausparkasse AG is a regional building society and has been offering related products and services since 1972. It reported a balance sheet total of EUR 551 million in late 2016 and has a workforce of approximately 100 employees.

The large Gleiss Lutz team was led by Partner Jan Balssen.

Gleiss Lutz did not reply to an inquiry about counsel for the seller.

 

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