Cerberus’s Bawag in Talks to Acquire Germany’s Suedwestbank

Cerberus Capital Management LP is seeking a presence in the banking market of Europe’s biggest economy.

Through its Austrian lender Bawag PSK Bank AG, the U.S. private equity fund is in talks to acquire Suedwestbank AG, a small commercial bank in Germany’s prosperous southwest, according to a statement May 24. Bawag plans to use that base to expand in the country, Chief Executive Officer Anas Abuzaakouk said in a telephone interview from Vienna.

“We’re looking at multiple things,” Abuzaakouk said. “We think it’s going to be a great platform and foundation for our German expansion -- both organically and inorganically.” ...