Volksbanken Sector to Become Merged

Businessn.a. ♦ Published: June 30, 2012; 19:55 ♦ (Vindobona)

After months of negotiations, the merger between VBAG and the 52 Volksbanken is resolved. The merger was the prerequisite for getting bank aids.

Volksbanken Sector to Become Merged / Picture: © Österreichische Volksbanken-AG (ÖVAG)

The partially nationalized VBAG and 52 Volksbanken, which acted independently until now, will become merged. According to the Austrian Federal Competition Authority (BWB), the merger was already announced. Insiders confirmed that the merger was the precondition fort he state aid of € 1.05bn in March.

The Austrian Volksbanken consists of 52 independent regional banks. The…