Koren to Become VBAG´s New CEO?

People ♦ Published: March 24, 2012; 19:58 ♦ (Vindobona)

Finance Minister Maria Fekter aims to nominate the former Vice-CEO of Bawag as board director of VBAG.

Koren to Become VBAG´s New CEO? / Picture: © Österreichische Volksbanken-AG (ÖVAG)

The financially stricken VBAG, which was partly nationalized in February, gets a new management. CEO Gerald Wenzel leaves by the end of April. The former Vice-CEO of Bawag, Stephan Koren, is said to be Fekter´s favorite.

The Austrian state will hold 43.5% in VBAG´s shares. Besides a write-off of € 700m, the Austrian state injected further € 250m and granted guarantees of…