Syrian opposition ready for direct talks with government delegation — representativeWorld February 22, 21:56
UN Syria envoy expects no breakthrough at new round of Syria talksWorld February 22, 21:09
Russia opposes sharing responsibility for fate of Middle East refugeesRussian Politics & Diplomacy February 22, 20:36
First woman in space Valentina Tereshkova may meet with Queen Elizabeth IIRussian Politics & Diplomacy February 22, 20:27
Spain’s famous footballer Puyol returns to Russia next week ahead of FIFA 2017, 2018 CupsSport February 22, 20:15
Putin promotes generals to higher military ranks after Syria operationMilitary & Defense February 22, 19:56
Russia, Turkey may discuss purchase of S-400 systems at March talksMilitary & Defense February 22, 19:18
European human rights watchdog welcomes court’s ruling on Russian opposition activistWorld February 22, 18:42
Maslenitsa festival: a week of pancakes and joySociety & Culture February 22, 17:49
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.