VBAG and Sberbank Agree on Sale of VBI

Professional ServicesBanks ♦ Published: July 15, 2011; 06:24 ♦ (Vindobona)

After several months of negotiations the two banks have agreed on the main conditions of the sale of Volksbank International. The deal will be closed by the end of this year.

VBAG and Sberbank Agree on Sale of VBI / Picture: © Wikipedia / MrPanyGoff

Volksbanken Group (VBAG) and Sberbank have come to an agreement: Volksbank International (VBI), VBAG’s Eastern European subsidiary, will be sold to the Russian bank. VBAG on Thursday announced that the parties reached a commercial understanding on the major terms of the sale. The banks signed a term sheet which specifies the conditions as well as the price of the deal.