VBI Sale: Closing Expected for Mid-February

Business › n.a. ♦ Published: February 6, 2012; 00:02 ♦ (Vindobona)

The Russian Sberbank buys VBI from Austrian VBAG. The price totals € 505m.

VBI Sale: Closing Expected for Mid-February / Picture: © Vindobona.org

Negotiations between VBAG and Sberbank started in summer 2011 and will come to an end in February. The Romanian business has been excluded. However, since then, business still worsened, which is also due to losses in Hungary, where foreign currency loans have to be converted at unfavorable conditions.

The Vice-President of Sberbank, Sergej Gorkov confirms the sale price of €…

or Log In

Fast News Search
Related News
Sberbank: € 500m for Austrian VBI (January 26, 2012)
VBAG No Systemic Bank Anymore (January 21, 2012)
VBAG: Sale of VBI to Be Closed in 2012 (December 29, 2011)
Volksbanken Group Result Negatively Impacted by Extraordinary Write-Downs (November 25, 2011)
VBAG Expects Massive Loss (October 14, 2011)
Read More
Sberbank, VBI Volksbank International AG, VBAG, Downsizing, Russia, Hungary, Romania, Banking Industry, M & A
Featured
List of National Days of the Home Countries of All Foreign Missions and Delegations in Vienna, Austria
See latest Vindobona Newsletter