Austrian Trade Union Federation-controlled Bagwag Bank has been officially put on the market, with US investment bank Morgan Stanley handling the sale. The bank was tainted by scandal last year when it was involved in the collapse of US trading firm Refco, and any buyer may face further legal action relating to the investigations. The bank has assets of c. $70bn, 1.4 million customers and more than 1,800 outlets, making it Austria's biggest branch network. Insurance group Wiener Stadtische and Erste bank, Raiffeisen, Bank Austria Creditanstalt, Volksbanken group, Deutsche Bank and Banca Intesa are all thought to be interested parties.