VBI Romania is a Source of Worries for ÖVAG

Politics ♦ Published: December 31, 2010; 17:53 ♦ (Vindobona)

Volksbank International (VBI) is to be sold by the Austrian Volksbanken Group. The Romanian subsidiary keeps the group from doing so.

VBI Romania is a Source of Worries for ÖVAG / Picture: © Wikipedia / MrPanyGoff

A buyer is being sought for the ÖVAG subsidiary VBI, and prospective buyers have already come forward. The Romanian subsidiary, which until recently was one of the largest profit earner of the group, delays the sale process however. Significant value corrections and legal restrictions cause losses. The Romanian National Bank has called for an increase in risk provisions. The reason is…