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Austrian bank BAWAG P.S.K. posts record 2014 profit

Xinhua, March 6, 2015 Adjust font size:

Austrian bank BAWAG P.S.K. raised its net profit by 45 percent in 2014 to reach 367 million U.S. dollars, it announced in a press release on Thursday.

The bank, largely owned by U.S. funds Cerberus Capital Management and GoldenTree Asset Management, said the record profit has exceeded all stated objectives for 2014.

It has also paid off the last installment of the state aid granted during the financial crisis, because of which it had to implement austerity measures for a number of years coupled with a workforce reduction.

For 2015, BAWAG expects an even greater net profit of 440 million dollars, for which it said further operative and strategic steps will be taken.

Separately on Thursday, Cerberus hinted it may sell off its share of the bank, which it acquired in 2007 for 3.5 billion dollars, something which has been rumored to happen since 2013.

Cerberus financial executive and BAWAG Board of Directors member Keith Tietjen said in a Reuters interview that while it is generally the philosophy of Cerberus to be a long-term investor, it also "continuously reviews strategic alternatives." Endi