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VBAG: Business Operation Down by € 131m

Published: March 28, 2013; 16:45 · (Vindobona)

In 2012 single entity result negative at EUR -131 million.Net interest income decreased to € 220m. Total assets dropped by € 13.5 billion to € 27.7bn. Further losses are expected for 2013.

VBAG: Business Operation Down by € 131m / Picture: © Volksbank AG

“VBAG and the VBAG Group experienced dramatic changes in 2012. The Bank was partially nationalised in April due to heavy losses in 2011. This partial nationalisation was accompanied by very strict requirements imposed by the EU Commission and the Republic of Austria. VBAG needs to be dramatically down-sized, and its strategic direction has to be completely reconfigured," said VBAG CEO…

This article includes a total of 1197 words.

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