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Sberbank, Volksbank to close deal on puchase of affiliates

February 15, 2012, 7:09 UTC+3
The value of the deal, concluded between the two banks last year, is 585 million euros
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VIENNA, February 15 (Itar-Tass) — The Russian Sberbank savings-bank and the Austrian Volksbank are to close a big deal which was signed here in September last year and referred to acquisition by Sberbank of 100 percent of the shares of the Volksbank International (VBI) and those of over 300 affiliates in eight countries of Eastern Europe and in Ukraine.

A line is to be finally drawn under the deal by Herman Gref, Sberbank President and Chairman of the Management Board, and Gerald Wenzel, Managing Director and Chairman of the Volksbank Board, who will sign a respective document.

The value of the deal, concluded between the two banks last year, is 585 million euros. It was supposed to close the deal not later than Feb 15, this year, so that the Austrian bank would have time to sum up the results of its activities in Eastern Europe for the elapsed year. The Austrian side hoped to gain profit amounting to about 60 million euros but suffered losses, as a result of which VBI shares will cost the Russian side approximately 160 million euros cheaper than previously expected..

The closing of the deal will open up the way to transformation and integration of new bank subdivisions into Sberbank system, including their renaming. By now, it was supposed to work out a new medium-term strategy for Sberbank's presence in Central and Eastern Europe and determine requirements for additional investments and capitalization.

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