BAWAG P.S.K. has announced the closing of its sale of BAWAG P.S.K. INVEST to Amundi. BAWAG P.S.K. INVEST (INVEST) becomes a wholly owned asset management subsidiary of Amundi with a total of €5.0 billion of assets under management as of 31 December 2014. The company’s name will remain BAWAG P.S.K. INVEST, with the  reference, “Member of the Amundi Group”.

In addition, Amundi and BAWAG P.S.K. entered into a long-term partnership where BAWAG P.S.K. will distribute Amundi’s funds and continue to distribute INVEST products via its physical and digital distribution networks. BAWAG P.S.K. has the largest centrally managed branch network with 500 branches across Austria. Amundi will continue to operate INVEST in Austria.

“We are very proud of this partnership with Amundi, one of the best asset managers in the world”, said Byron Haynes, CEO of BAWAG P.S.K. “By executing this transaction, we are able to simplify our bank and focus on our core franchises – retail banking and corporate lending. At the same-time, by entering into a long-term distribution partnership with Amundi, we can continue to offer a broad range of fund products to our customers. Overall, this is a win-win situation for all parties and inline with our strategy of transforming BAWAG P.S.K.”

“This acquisition of INVEST and the long-term partnership with BAWAG PSK allow us to establish a strong local footprint in Austria and to access to one of the strongest franchises in retail distribution” adds Yves Perrier, chief executive officer of Amundi. "This transaction highlights our recognised expertise as a partner of choice to provide savings solutions to the customers of banking networks.”