VBAG: No State Aids in 2014

People ♦ Published: April 3, 2014; 19:52 ♦ (Vindobona)

The restructuring of VBAG Group is supposed to be completed until 2017, as announced by the banking group. From currently 48 regional bank shops in Austria nine regional banks are supposed to remain.

VBAG is continuing on its restructuring path. / Picture: © Österreichische Volksbanken-AG (ÖVAG)

In a press statement the Finance Ministry welcomed VBAG’s “course of the management” in the restructuring process. “We see great progresses. The announced structural changes could be an important contribution to avoid new burdens for the taxpayer,” the press release reads.

In the business year 2013 VBAG accumulated losses of € 224m, which had already been expected.…