Volksbank: Romania Lowers Results

Professional ServicesBanks ♦ Published: January 19, 2011; 00:04 ♦ (Vindobona)

The losses in Romania constitute a distinct disadvantage, especially for the sale process of the East-Holding of the VBI.

Volksbank: Romania Lowers Results / Picture: © Vindobona.org

VBI (Volksbanken International) should have operating losses in 2010, for the first time in history. Even in the crisis year 2009, VBI was able to achieve profits for € 47.5m. There are still no official results however.

The figures from Romania are far from encouraging for the ÖVAG group (Austrian Volksbanken). An value correction of over € 140m is expected. Some customers…