VBAG to Sell Romanian Subsidiary

Businessn.a. ♦ Published: March 5, 2014; 19:05 ♦ (Vindobona)

The Austrian partly nationalized VBAG has started the sale of the loss-making Romanian affiliate.

VBAG to Sell Romanian Subsidiary / Picture: © Wikipedia / 718 Bot

Because of the massive losses in Central, Eastern and Southeastern Europe (CESEE) in 2011/12, VBAG sold the CESEE sub-holding to Russian Sberbank two years ago. However, Sberbank did not take over the Romanian subsidiary. As VBAG did not find another buyer for the unattractive subsidiary, the Austrian lender could not withdraw from Romania.

Now, VBAG makes another attempt. The…