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Cerberus Sells Bawag Unit

FRANKFURT, April 26 (Reuters) – German state bank LBBW has agreed to buy a unit of Cerberus Capital Management's [CBS.UL] Austrian bank Bawag for 160 million euros ($249.5 million), an unidentified source in the finance industry told Reuters.

The source said that LBBW plans to announce the purchase of the unit, Czech bank BankCZ, at its annual press conference on Monday. It confirmed a report from Austrian paper Der Standard.

LBBW declined to comment. (Reporting by Peter Dinkloh; Editing by Gerrard Raven)