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VBI: Romania Remains a Weak Point
The foreign holding of the Austrian Volksbanken group has to cope with credit risk provisions for € 160m from its Romanian subsidiary.
VBI: Romania Remains a Weak Point / Picture: © Wikipedia / MrPanyGoff
The Romanian subsidiary of VBI (Volksbank International) still reported profits for € 47m in 2009. In 2010, the situation turned: the annual loss was € 36m, due mainly to increased credit risk provisions.
The CEO of VBI, Friedhelm Boschert, expects the return to the profitability zone again for this year. The credit risk provisions were created primarily for private…
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