Support The Moscow Times!

Volksbanken Deal This Week

VIENNA — Oesterreichische Volksbanken aims to reach a deal on the sale of its Eastern Europe unit to Sberbank before the results of European bank stress tests are released at the end of this week, sources said.

Austria's fourth-biggest lender is close to signing a letter of intent with Sberbank fixing terms including the purchase price of as much as 700 million euros ($1 billion), they said Wednesday.

Volksbanken International's Romanian arm, the biggest of its 10 country units, will not be sold. VBI's other shareholders, Germany's DZ Bank and Groupe BPCE, which own 24.5 percent each, will also sell their stakes, according to the people.

(Bloomberg)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.