BAWAG Group AG (WBAG:BG) signed an agreement to acquire Knab Bank from ASR Nederland N.V. (ENXTAM:ASRNL) for ?510 million on February 1, 2024. The acquisition will expand BAWAG Group?s footprint in the Dutch Retail and SME banking space and position it for future growth in one of the bank?s core markets.BAWAG Group will work with the current leadership team to continue growing its Retail and SME business in the Netherlands. The deployment of the proceeds of the Transaction will be part of the capital management plan.

The transaction, subject to customary closing conditions, including regulatory approvals and an advice from the a.s.r. works council and it is expected to close in the second half of 2024.