VBAG´s CEO: „Bank Aid Only Last Exit“

Businessn.a. ♦ Published: February 17, 2012; 15:11 ♦ (Vindobona)

Gerald Wenzel, chairman of VBAG´s executive board, continues the downsizing strategy. A new bank aid would be the “ultima ratio”.

VBAG´s CEO: „Bank Aid Only Last Exit“ / Picture: © Volksbank AG

After the sale of VBI, the holding bank for Eastern Europe, VBAG is focused on its core market Austria. In 2009, the Austrian state provided € 3.0bn for VBAG, as the equity base was weakened substantially. Last week, VBAG paid pack the first tranche of € 1.0bn. The next payment is scheduled for September. Until now, VBAG did not pay interest, as profits were not registered since…

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