VBAG Sells Insurance Segment

Businessn.a. ♦ Published: December 20, 2011; 18:00 ♦ (Vindobona)

The Austrian Volksbanken AG sells its stake in Victoria Volksbanken to Ergo Austria.

VBAG Sells Insurance Segment / Picture: © Österreichische Volksbanken-AG (ÖVAG)

VBAG sells its 25% share in Victoria-Volksbanken Insurance, which operates in Austria and Eastern Europe, to the German Ergo Insurance Group. Subsidiaries are located in Slovenia, Slovakia, the Czech Republic, Hungary and Croatia. Last year, premium income totaled € 269m, foreign subsidiaries realized € 48.5m. For employees, there are no consequences expected. The sale price has not…