VBAG Records Losses of € 1.35bn

Businessn.a. ♦ Published: April 5, 2012; 13:53 ♦ (Vindobona)

Due to high write-offs in Hungary and Romania, the Austrian nationalized bank registered major losses in 2011. Thus, the capital injection covers these losses only partially.

VBAG Records Losses of € 1.35bn / Picture: © Wikipedia / MrPanyGoff

The financially stricken Austrian lender Volksbanken AG (VBAG), in which the state is about to take a large minority stake, lost € 1.35bn ($ 1.8bn) last year, it said on Thursday. It blamed "the intensifying sovereign debt crisis and the resulting revaluation of participations as well as the developments in Romania and Hungary" for the loss, which on a group level totalled 959 million…