VBAG is Forced to Continue Radical Downsizing Measures

Business › n.a. ♦ Published: March 15, 2013; 20:00 ♦ (Vindobona)

The partly nationalized and financially stricken Austrian banking group has to implement a painful restructuring concept. At the moment, VBAG sells its properties.

VBAG is Forced to Continue Radical Downsizing Measures / Picture: © Vindobona.org

Since 2008, VBAG had to scale down its activities substantially. First, its subsidiary Kommunalkredit had to be nationalized. Kommunalkredit and its bad bank KA Finanz have risky assets of more than € 16bn. In 2011, the downsizing measures went on. VBI, the bank holding group for the CESEE region, had to be sold to Russian Sberbank. After severe losses in 2011, the price was cut from…

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