Sberbank: Lawsuit Against VBAG

Businessn.a. ♦ Published: November 29, 2013; 17:43 ♦ (Vindobona)

The largest Russian banking group has filed a lawsuit against Austrian VBAG at the International Court of Arbitration.

Sberbank: Lawsuit Against VBAG / Picture: ©

The lawsuit against VBAG is mainly due to the sale price of VBAG´s former subsidiary VBI (Volksbank International). In Febuary 2012, Sberbank acquired the CESEE affiliates of Austrian VBAG. In November 2012, VBI was re-named in Sberbank Europe. Since then, Sberbank faces growing risk provisions. Non-performing loans are not only growing in Russia, but also in other…