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Sberbank completes acquisition of Volksbank International
21 February 2012
Russia’s Sberbank completes its first bank acquisition outside the CIS.
Read more:
Sberbank
Volksbank
acquisition
VBAG
BPCE
DZ Bank
WGZ Bank
Société Générale
JP Morgan
Sberbank of Russia has completed its acquisition of 100% of Austria’s Volksbank International (VBI). The landmark transaction represents Sberbank’s first major acquisition outside the CIS, and is the latest step in the bank’s transformation from a large domestic financial institution to a leading international bank.
The closing follows the announcement on 8 September 2011 that Sberbank had entered into a sale and purchase agreement with the shareholders of VBI - Österreichische Volksbanken (VBAG), BPCE, DZ Bank and WGZ Bank. The transaction perimeter does not include VB Romania, VBI’s banking subsidiary in Romania.
In between September and closing on 15 February 2012, the selling shareholders made capital contributions to increase VBI shareholders’ equity to offset Q3 2011 losses, and also...
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