High Losses for ÖVAG-subsidiary

Professional ServicesBanks ♦ Published: March 4, 2011; 00:23 ♦ (Vindobona)

VBI, the subsidiary of foreign equity holding company of the Austrian Volksbanken-Group, realized losses in 2010 amounting to € 21.8m.

High Losses for ÖVAG-subsidiary / Picture: © Wikipedia / MrPanyGoff

2010 was a hard year for VBI (Volksbank International). Especially in Romania the subsidiary of the fourth biggest Austrian bank had to report significant losses. Losses after taxes amount to € 21.8m

The CEO of VBI, Friedhelm Boschert, argues that these figures contain one-time effects. The Romanian market brought several set-backs. What is more, VBI had to pay € 7.7m for the…