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Partial Nationalization of VBAG Planned
Politics ♦
Published: February 27, 2012; 19:23 ♦ (Vindobona)
The financially stricken Austrian bank receives new capital. The Republic of Austria makes contributions of € 1.05bn. Bank taxes will increase.
Partial Nationalization of VBAG Planned / Picture: © Volksbank AG
VBAG, the third-largest Austrian banking group, becomes partly nationalized. The share of the Austrian state remains below 50%. What is more, a reduction of the bank´s capital has been resolved, combined with a capital increase.
Last year, VBAG reported losses of € 1.4bn. Especially business in Romania and Hungary went bad. VBAG´s holding company for Eastern Europe, VBI, was…
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