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The suggestion, even three years ago, that Austria’s fourth biggest bank might help prop up UniCredit – let alone Deutsche Bank – would have seemed ridiculous. Back then memories were still fresh of the bank run and bail-out under Bawag PSK’s former ownership.
In the years following the crisis, US private equity firms Cerberus and later GoldenTree helped recapitalize Bawag after acquiring it in 2007 from the Austrian Trade Union Federation. By 2012 the new management led by CEO Byron Haynes had done a good job of stabilizing and cleaning up the institution.
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