Sberbank: € 500m for Austrian VBI

Business › n.a. ♦ Published: January 26, 2012; 18:56 ♦ (Vindobona)

The Russian Sberbank officially bids € 500m for VBI, the subsidiary of Austrian VBAG.

Sberbank: € 500m for Austrian VBI / Picture: © Österreichische Volksbanken-AG (ÖVAG)

Initially, the Russian bank was ready to pay € 585m for Volksbank International (VBI), the holding company for the CEE region of VBAG. The Austrian banking group has to downsize, as the capital situation is relatively weak. After 2008, VBAG faced severe losses in Eastern Europe, especially in Romania.

Now, Sberbank officially bids € 500m for VBI. “After the closing of the…

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