VBAG No Systemic Bank Anymore

Politics ♦ Published: January 21, 2012; 12:57 ♦ (Vindobona)

After the sale of VBAG´s subsidiary VBI to Russian Sberbank, the bank will not be systemic anymore, the Austrian Financial Market Authority announced.

VBAG No Systemic Bank Anymore / Picture: © Österreichische Volksbanken-AG (ÖVAG)

“After the sale of VBI (Volksbank International) to Russian Sberbank is completed, VBAG is no cross-border operating, thus no systemic bank.” As a result VBAG does not have to submit recapitalization plans to the European Bank Authority (EBA). According to EBA´s definition, VBAG´s tier-1 capital quota only reached 5.5% in September. After the sale of VBI, the quota will rise…

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