Russia’s leading bank has managed to significantly lower the price it pays for the international operations group of Austria’s biggest banks. Sberbank bosses agreed with Volksbank AG (ÖVAG) managers to transfer 505 million Euros for all federal branches of Volksbank International (VBI) except its ailing Romanian department. Contracts sealing the takeover were signed in Vienna […]
Volksbank AG (ÖVAG) bosses and Sberbank chiefs will sign contracts about the planned takeover of Volksbank International (VBI) later this week, according to Austrian business papers. Reports from today (Mon) have it that the struggling Austrian bank eventually agreed with the Moscow-based finance sector giant about a takeover price for VBI. Sberbank declared interest in […]
Volksbank AG (ÖVAG) plans to dismiss one in five employees in a desperate attempt to avoid going bust. The loss-making bank, which received an emergency injection of one billion Euros from the state three years ago, said yesterday (Thurs) around 250 employees would lose their jobs in the coming months. This figure means that 20 […]
Volksbank AG (ÖVAG) will sack hundreds of employees in the coming two and a half years, according to a report. The Kurier claims today (Weds) that the struggling bank plans to dismiss 500 of its staff in Austria. This would mean that the bank – which did not comment on the report – would lay […]
Rumours that Volksbank AG (ÖVAG) may be nationalised are increasing after the bank warned of immense losses. ÖVAG boss Gerald Wenzel said yesterday (Thurs) the finance institute could suffer a loss of 900 million Euros this year. He added that the losses may also be higher. ÖVAG received one billion Euros of so-called state participation […]
The international operations of the only Austrian bank which failed the most recent stress test on financial institutes in Europe have been taken over by Russia’s biggest bank. The contract between Volksbank AG (ÖVAG) and Sberbank was signed in Vienna yesterday (Thurs). ÖVAG and Sberbank agreed on a sale of Volksbank International (VBI) already in […]
A Russian institute has got one step closer to acquiring the international branch of one of Austria’s biggest banks. Bosses of Volksbank AG (ÖVAG) and Moscow-based Sberbank signed a declaration of intent about a takeover of Volksbank International (VBI) yesterday (Thurs). The teams of negotiators refused to reveal an envisaged takeover price. Business newspapers claim […]
A powerful Russian bank may acquire a majority stake in Volksbank International (VBI), the ailing affiliate of Volksbank AG (ÖVAG). VBI, which manages ÖVAG’s operations in Eastern Europe (EE), had 5,362 employees in 547 branches in Romania, Slovakia and six other countries. It sustained a loss of 22.37 million Euros in 2010. Sberbank has hinted […]
A leading Russian bank may take over struggling Volksbank AGs (ÖVAG) international operations department.Russian business newspaper Vedomosti reports today (Weds) that Moscow-based Sberbank was in the final stage of negotiations with ÖVAG about the acquisition of a 51 per cent interest in VBI (Volksbank International). The daily cites sources close to Sberbank’s top management saying […]
BAWAG PSK (BAWAG) boss Byron Haynes has said he will continue the current restructuring process.The former ABN AMRO CFO announced yesterday (Weds) BAWAG had to keep lowering its administration costs in the coming years.The Vienna-based institute achieved a net profit of 125.4 million Euros last year, the businessman added. It is the first time BAWAG […]