January 5, 2017 / 11:10 AM / 8 months ago

Austrian bank Bawag eyes Allianz private bank OLB: sources

A woman holding an umbrella passes the headquarters of Austrian lender BAWAG PSK in Vienna, Austria, February 29, 2016.Heinz-Peter Bader

FRANKFURT (Reuters) - Austrian bank BAWAG PSK [CCMLPB.UL], backed by US financial investor Cerberus, is bidding for German private bank Oldenburgische Landesbank (OLBG.F), two sources familiar with the matter told Reuters on Thursday.

Bawag is currently doing due diligence on OLB, one source said, indicating the sale process is at an advanced stage.

The bank is currently 90 percent owned by insurer Allianz (ALVG.DE), which put it up for sale in the autumn. Sources have said that U.S. private equity group Apollo (APO.N) and Germany's Commerzbank (CBKG.DE) have submitted offers for the bank, which has assets of 13 billion euros ($13.6 billion).

BAWAG declined to comment specifically on OLB, but said its financial position allowed it to grow both organically and via acquisitions.

"BAWAG remains interested in acquisitions, but we will not comment on concrete plans at present," a spokeswoman said.

Allianz also declined comment on the sale process.

Reporting by Alexander Huebner; Additional reporting by Alexandra Schwarz-Goerlich in Vienna; Writing by Victoria Bryan; Editing by Edward Taylor

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