Austria: VBAG Sells Malta Affiliate

Businessn.a. ♦ Published: April 11, 2014; 12:25 ♦ (Vindobona)

Partly nationalized VBAG (Österreichische Volksbanken AG) has sold its banking affiliate VB Malta to Maltese Mediterranean Bank (MedBank).

VBAG sold its Malta branch. / Picture: © Wikipedia / MrPanyGoff

Representatives of VBAG and MedBank signed the contract for the complete takeover of VB Malta today, as announced by the bank in a press release. After the spin-off of the international business last year VB Malta has, according to VBAG’s own information, a balance sheet total of around € 150m and employs 28 persons. The closing of the deal is supposed to be carried out after the…