BAWAG needs to hike net to 400 mln eur by 2011 to prepare for IPO - CEO |
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Thu, 22 Feb 2007 08:56
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VIENNA (AFX) - BAWAG's net profit has to rise to at least 400 mln eur by 2011 if the Austrian bank is to enjoy a successful IPO, Austrian business daily Wirtschaftsblatt quoted CEO Ewald Nowotny as saying.In 2006 the bank recorded a net profit of more than 20 mln eur, which is slightly above its own forecast, Nowotny told a presentation last night.To meet the profit targets of BAWAG's incoming owner Ceberus, the workforce of 4,500 will be cut back by 400 by 2011, he added.After Ceberus' takeover, what is expected to close in May, the US investment fund is intending to sell all non-bank assets of BAWAG except the piano manufacturer Boesendorfer, Nowotny was quoted as saying in Austrian daily Die Presse.andreas.vogler@thomson.comavCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Snow says Cerberus wants 'restart' for Bawag and will be a 'patient owner' 