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VBAG to Downsize Radically
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In order to become competitive again, the partly nationalized VBAG and the Volksbanken sector will cut its structure.
VBAG to Downsize Radically / Picture: © Wikipedia / MrPanyGoff
For VBAG, the expansion into the CESEE region proved expensive. In the years before 2008, VBAG pursued an aggressive growth strategy. After 2008, the non-performing loans grew enormously. VBAG did not only have to sell its CESEE business to Russian Sberbank, but also had to ask for public aid. In total, VBAG received state aids of more than € 1.0bn. Otherwise VBAG would have had to…
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