Sale of Volksbank International Finalized

Professional ServicesBanks ♦ Published: September 8, 2011; 12:21 ♦ (Vindobona)

The Eastern European subsidiary will be sold for a price ranging from € 585m to € 645m depending on business performance in 2011.

Sale of Volksbank International Finalized / Picture: © Wikipedia / MrPanyGoff

Today, the owners of Volksbank International AG (VBI) and representatives of Sberbank of Russia successfully completed negotiations on the sale of VBI group. 51% of VBI was held by Oesterreichische Volksbanken-AG (VBAG), with the remaining two shareholders, the German banking group DZ BANK AG / WGZ BANK AG and the French BPCE S.A. each holding a further 24.5%. Sberbank will acquire 100%…