BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft (BAWAG P.S.K.) is the fourth largest bank in Austria. It was formed on October 1, 2005, by the merger of the separate P.S.K. and BAWAG banking firms.
BAWAG, was founded in 1922 by former Austrian Chancellor, Karl Renner, to extend favourable terms of credit to ordinary people, as the 'Austrian Worker's Bank'. The bank was forced to close in 1934, but resumed its operations post World War II in 1947. In 1963, it took the name of Bank für Arbeit und Wirtschaft AG, BAWAG, or, in English, 'Bank for Labour and Business Corporation'. Until 2006, the bank's majority shareholder was the ÖGB, the Austrian Trade Union Federation. In December 2006, Cerberus Capital Management acquired BAWAG P.S.K. for reported €3.2 billion.
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