Volksbank: Greater Efficiency by Downsizing

Professional Services › Banks ♦ Published: October 30, 2010; 13:39 ♦ (Vindobona)

The Austrian Volksbank AG (ÖVAG) has not been able to reach a cooperation with other domestic banks. The deal with the BAWAG failed. Now, the Volksbank is looking for alternatives.

Volksbank: Greater Efficiency by Downsizing / Picture: © Wikipedia / 718 Bot

The merger with BAWAG had failed even before the summer, other partners were not found.

In order to afford the stand-alone solution, ÖVAG has to downsize further. The future strategy should be approved in December. Several retail banks and the real estate company Europolis already have been sold. Now the ÖVAG will sell its 51 percent stake of the Volksbank International (VBI),…

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