VBAG-Restructuring Proves Problematic

People ♦ Published: July 12, 2012; 19:32 ♦ (Vindobona)

In March, the Austrian VBAG Banking Group became partly nationalized. A new CEO has not been found yet.

VBAG-Restructuring Proves Problematic / Picture: © Wikipedia / MrPanyGoff

Since the party nationalization, the Austrian state has a 43% share in VBAG. In March, the Austrian stated injected € 1.05bn in VBAG. The Volksbanken sector, which consists of 62 single regional banks, still holds the majority of VBAG´s shares. The Austrian state mandated four members to VBAG´s supervisory board. The Volksbanken sector has five board members. As a result, the…