Volksbank partially nationalised

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morgenhund European Union
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Volksbank partially nationalised

Post by morgenhund » Wed Feb 29, 2012 10:46 am

The government share in the Volksbank AG (often referred to as ÖVAG) has been increased to 49%. It is thought that the bank will also be prepared for a takeover by a competitor, and is now the 3rd nationalisation of an Austrian bank (after Hypo Group Alpe Adria and Kommunalkredit). Previously Volksbank had received 1bn in participation capital from the state (other banks including RBI and Erste Bank did likewise), but this nationalisation has become necessary as Volksbank struggles to repay the previous capital injection. Volksbank recently sold its nearly all its international operations to Sberbank (one of Russia's largest banks) with the exception of its Romanian operations - as they were apparently in too bad shape to be considered by Sberbank, with its Hungarian operations also in bad shape.

Maybe that will be that "V wie Flügel!" will be dropped as a slogan in favour of "R wie Rettungsring"


Vienna is like an Ikea sofa - you know you should upgrade, but why bother when it is this comfortable.

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Re: Volksbank partially nationalised

Post by Papa-simes » Wed Feb 29, 2012 3:18 pm

Does this also mean that the ski jumpers are now Beamten?

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