Sale of VBI to Be Signed in July

Professional ServicesBanks ♦ Published: July 5, 2011; 11:07 ♦ (Vindobona)

The Austrian Volksbanken Group and Sberbank have come close to an agreement on the sale of the Eastern European bank. The transaction price will be € 700m.

Sale of VBI to Be Signed in July / Picture: © Volksbank AG

According to the plans of Volksbanken Group (VBAG), the sale of its subsidiary Volksbank International (VBI) to the Russian Sberbank will be ready to be signed in two to three weeks. It is estimated that the sale price of VBI (without its Romanian operations) will amount to slightly above € 700m. In that case, an extraordinary meeting of the Supervisory Board would be convened…