FIMBAG boss Klaus Liebscher has admitted uncertainties regarding whether the state will ever again see any of its Volksbank AG (ÖVAG) participation capital. Liebscher told radio station Ö1 today (Thurs) it was impossible to make a definitive statement regarding the issue. He admitted that it was unlikely that the more than one billion Euros would […]
The new owner of Volksbank International (VBI) has revealed plans to invest hundreds of millions of Euros. Sberbank – which transferred 505 million Euros for the finance institute to Volksbank AG (ÖVAG) in February – announced yesterday (Tues) it would spend 300 million Euros on the restructuring of VBI to support the planned expansion. Sberbank, […]
Hypo Group Alpe Adria (HGAA) has made a profit for the first time in four years. The struggling finance institute – which had to be nationalized in December 2009 – said it managed to make profits of 59 million Euros last year. The Klagenfurt-based bank headed by Gottwald Kranebitter sustained a loss of more than […]
The Austrian government has decided to partly nationalise one of the country’s biggest banks. Negotiators – including People’s Party (ÖVP) Finance Minister Maria Fekter and Social Democratic (SPÖ) State Secretary Andreas Schieder – announced yesterday evening (Mon) that the state would increase the small share it was currently holding in Volksbank AG (ÖVAG) to 49 […]
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 […]
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 […]