The sale of Bawag PSK to an investor consortium led by Cerberus, the US private equity group, brings an apparent end to the travails of Austria’s fourth largest bank.

But the deal announced on Thursday, which saw Cerberus beat Lone Star and Bayersiche Landesbank of Germany with a €3.2bn ($4.2bn) bid, still leaves questions about Bawag’s future unanswered.