Volksbanken Group Speeds Up Sale of VBI

Professional ServicesBanks ♦ Published: July 13, 2011; 20:07 ♦ (Vindobona)

In the face of the looming negative result of the stress test, the Austrian bank is trying to conclude negotiations with Russian Sberbank.

Volksbanken Group Speeds Up Sale of VBI / Picture: © Österreichische Volksbanken-AG (ÖVAG)

On Friday, 15 July 2011, the European Banking Authority (EBA) will publish the results of the EU wide stress test. The Austrian Volksbanken AG (VBAG) is currently working at full speed in order to finalize the sale contract of Volksbank International (VBI) with Sberbank of Russia. VBAG will very likely not pass the stress test in which it participated for the first time. Last week, the…