VBAG: First Half Year with Losses of € 87m

Politics ♦ Published: August 29, 2013; 19:15 ♦ (Vindobona)

Partly-nationalized VBAG made net losses in the amount of € 87m in the first half of 2013. In the first half year of 2012 high book profits caused profits to be slightly above zero.

VBAG: First Half Year with Losses of € 87m / Picture: © Wikipedia / MrPanyGoff

The bank is currently in a comprehensive downsizing and restructuring process. Today it was confirmed that losses for the whole of 2013 are expected. VBAG’s international leasing group as well as the affiliate in Malta is up for sale.

The results were further burdened because VBAG had to take over a proportional capital increase of loss-making Romanian subsidiary in the amount…