VBAG: Raiffeisen Tries to Justify Breach of Contract

Published: January 16, 2013; 22:24 · (Vindobona)

In an interview with the Austrian newspaper “Standard”, RZB´s (Raiffeisen Zentralbank) CEO Walter Rothensteiner explains why the banking group did not acquire loas from VBAG.

VBAG: Raiffeisen Tries to Justify Breach of Contract / Picture: © Raiffeisen Zentralbank Österreich AG / Peter Rigaud

As minority shareholder of VBAG, RZB would have been obliged to acquire loans with a volume of more than € 1.0bn. RZB did not carry out its duty, however. Rothensteiner: “We do not buy non-performing loans. We would be ready to talk about of volume of € 500 to € 600m at most. But of course we want to help VBAG.” Rothensteiner explains that RZB would have to write-down the…

This article includes a total of 211 words.

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