Sberbank Reduces Offer for VBI after Drop of Share Prices

Business › n.a. ♦ Published: August 26, 2011; 16:27 ♦ (Vindobona)

Sberbank wants to pay less for the purchase of Volksbank International after European bank shares have dropped more than 20%. Executives are going to meet on 28 August to negotiate the deal.

Sberbank Reduces Offer for VBI after Drop of Share Prices / Picture: © Volksbank AG

Russian Sberbank reduced the price it is willing to pay for the acquisition of Volksbank International (VBI), the Eastern European subsidiary of Oesterreichische Volksbanken AG (VBAG), according to five persons with information about the talks between the banks.

After European bank shares have dropped more than 20% over the last weeks, Sberbank now offers € 590m for VBI which…

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