Volksbanken to Sell Share in RZB

Professional ServicesBanks ♦ Published: January 17, 2011; 03:23 ♦ (Vindobona)

According to newspaper reports, the Austrian Volksbanken Group sells a 6% share on Raiffeisen Zentralbank.

Volksbanken to Sell Share in RZB / Picture: © Raiffeisen Bank International AG / S. Klimpt

In order to provide sufficient funds to pay back the first tranche of the state aid, the Austrian Volksbanken Group (ÖVAG) is said to sell its stake in Raiffeisen Zentralbank (RZB). ÖVAG owns a 6% share in RZB. In 2009, ÖVAG called on financial aid from the state. The Austrian government provided a “bank package” in order to assist Austrian banks during the financial crisis.…