predominantly by reducing its exposure to Central and Eastern Europe, exiting proprietary trading, reducing the non-performing loans volume and introducing improved performance management tools. Over the past years, BAWAG P.S.K. has also been able to strengthen its capital base due to mainly profit reinvestment that today more than meets the regulatory targets. Since 2015, the Bank has gradually grown its business by several acquisitions: In 2015, the bank acquired the former VB Leasing and in 2016 start:bausparkasse and IMMO-Bank. In 2017, the acquisitions of PayLife and Südwestbank were completed. Operations BAWAG P.S.K. is one of the largest banks in Austria. By year-end 2016, BAWAG P.S.K. reported total assets of 39.7 billion euros, an operating income of 991 million euros, a profit before tax of 470 million euros and total equity of 3.1 billion euros. The number of employees amounted to 2,496. Anas Abuzaakouk is Chairman of the Managing Board (CEO) since March 2017. Refco Scandal In October 2005, BAWAG approved a loan of 425 million euros to Phillip R. Bennett, then CEO of the commodities broker Refco, collateralized against Bennett's own holdings in the firm. However, the reason he required the money was that he had lent an undisclosed 430 million dollars of the broker's money to himself in an attempt to cover up the company's bad debts. The very day after BAWAG made Bennett the loan, the irregularities were made public, triggering a number of regulatory investigations. Refco has since declared chapter 11 bankruptcy, making BAWAG's collateral essentially worthless. Austria's central bank and Austria's Financial Market Authority have started investigations. In April 2006, creditors of Refco sued BAWAG for over $1.3 billion, alleging that the bank had colluded to hide Bennett's fraudulent transactions back to at least 2000, and that the bank owned far more of Refco than it had ever revealed in regulatory filings. In September 2006 a New York bankruptcy court confirmed the comprehensive settlement between BAWAG, Refco and Refco creditors. References External links BAWAG P.S.K Bawag Scrutiny Mounts, Putting CEO to the Test, October 21, 2005, The Wall Street Journal BAWAG PSK Annual Reports Vienna Stock Exchange: Market Data BAWAG Group AG Banks of Austria Cerberus Capital Management companies Companies based in Vienna Banks established in 1922 Austrian brands 2006 mergers and acquisitions Banks under direct supervision of the European Central Bank