After the opening of Amundi Polska in Poland, Amundi has now decided to set up in Austria with the acquisition on Thursday 23 October of Bawag PSK Invest, the asset management subsidiary of Austrian bank Bawag PSK (1.6 million retail clients, 39,000 professional clients, 2,500 companies).
More than an acquisition, Amundi has formed a new partnership with one of Austria’s strongest franchises in retail banking.
Amundi and Bawag PSK have signed a long-term distribution agreement under which Amundi will become the bank’s preferred partner with teams already familiar with the local market, in line with the strategy already adopted with KB in the Czech Republic and with Crédit Agricole Polska in Poland.
As at 30 June, Bawag PSK Invest had €4.6 billion in assets under management, 63% for retail clients and 37% for institutional investors.
With this new strategic partnership, Amundi is taking yet another step to strengthen its leadership in Europe and therefore to implement its strategic development plan.