Volksbank AG completed the sale of its eastern European arm Volksbank International, excluding Volksbank Romania, to Russia’s largest lender Sberbank.
“Volksbank Romania is not a part of the transaction. In agreement with the majority shareholders, it was resolved that Volksbank Romania will be repositioned in the following two to three years and then sold,” the Austrian bank said.
Earlier this month, officials of Volksbank Romania told MEDIAFAX that the bank would be transferred to a new division of Austria’s Volksbank AG by the end of September.
Volksbank Romania reported total assets of EUR4.8 billion at the end of July.