for any financial obligations of the newly listed company. With the new restructuring, a new agreement was signed between the P.S.K. and the Austrian Mail Service of how the post offices would continue to offer the financial services. In 2000, 74.82% of the bank's shares were bought by Bank für Arbeit und Wirtschaft AG (BAWAG) and the remaining 25.18% by KSP Unternehmensbeteiligungsgesellschaft mbH. The merger of the two financial institutes created the BAWAG P.S.K., making it Austria’s third-largest banking group. By 2000 the balance sheet had a total of almost 45 million euros and the new group had about 5000 employees, some 2000 outlets and over one million private customers. The BAWAG P.S.K. Group now has the largest centrally managed sales network in Austria. Areas of activity The bank's services cover the classical areas of retail banking and corporate banking. Apart from offering financial services, the bank also sponsors cultural events such as art exhibitions, especially on the Viennese Jugendstil, concerts, as well as donating for social issues such as fundraisers for victims of natural disasters. References Literature External links Official site AEIOU on company history Banks of Austria Postal savings system Postal system of Austria de:BAWAG P.S.K. fr:Österreichische Post ru:BAWAG P.S.K.