New Executives for VBAG

Businessn.a. ♦ Published: March 22, 2012; 10:32 ♦ (Vindobona)

The banking group VBAG, in which the Austrian state is about to take a stake of up to 49 percent, will get new management after losing nearly € 1.4bn ($1.85bn) last year.

New Executives for VBAG / Picture: © Österreichische Volksbanken-AG (ÖVAG)

The plan is for the government and the lender's regional bank owners to name two members each to the management board before the annual shareholder meeting on April 26, the source said. Austrian media have named former BAWAG PSK executive Stephan Koren as a potential successor for Volksbanken Chief Executive Gerald Wenzel, whose contract ends next month.

Under Austrian accounting…