![]() After considerable negotiations, most of VBAG’s CEE assets were sold to the Russian bank Sberbank in 2012 at a much reduced price, though VBAG’s loss-making Romanian arm was not included in the transaction.ĭespite this, however, VBAG continued to make losses. It also sold its 25% stake in Victoria Volksbank Versicherung to ERGO insurance. In 2010, VBAG sold its troubled real estate arm Europolis to the Austrian real estate companyĬA Immobilien Anlagen AG. It was bailed out by the Austrian federal government, which provided it with 1bn EUR of subordinated debt. It lost 1.1bn EUR in 2009 due to losses on CEE loans and real estate. Banks exposed to CEE suffered collapsing asset values and destruction of shareholder value. As investors spooked by the turmoil in the markets moved money to safe havens, several CEE countries slid into deep recession: the worst affected were Romania, Hungary and Latvia, all of which required EU/ ![]() Central and Eastern Europe (CEE) was badly affected by the 2008 financial crisis. ![]()
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