Support The Moscow Times!

Sberbank Buys Volksbanken

Sberbank agreed to buy Volksbanken's Eastern European operations, excluding its unit in Romania, for 585 million euros to 645 million euros ($823 million to $911 million), equivalent to Volksbanken International's combined equity, depending on performance this year, the Austrian bank said Thursday.

Sberbank chief executive German Gref said Thursday that the deal will be completed by Feb. 15. Sberbank is reported to have lowered the offer price after the European bank's shares plummeted.

Sberbank will assume 2.5 billion euros of financing by the current owners, and Volksbanken will provide the Russian lender with a 500 million euro, five-year loan. Volksbanken International, which owns nine banks in Eastern Europe, was 51 percent owned by Volksbanken. France's Groupe BPCE owned 24.5 percent, and Germany's DZ Bank and WGZ-Bank together held 24.5 percent.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more