Russian Sberbank in talks to take over Volksbank, Romanian subsidiary not included

The largest Russian lender Sberbank is in the final stage of negotiations with Volksbank International (VBI) to acquire 51 percent of the Austrian bank, according to data published on Wednesday by the Russian newspaper “Vedomosti”, quoted by Reuters. However, the Russian bank is not interested in the Romanian subsidiary of the bank, according to the Vedemosti newspaper, quoted by Romanian media. Volksbank Romania is the largest subsidiary of Volksbank International, with assets of over EUR 5.2 billion. Head of the Sberbank's strategy, Denis Bugrov, recently told Reuters that the bank's main objectives on foreign acquisitions was in Central and Eastern Europe and Turkey. Sberbank is a Russian state-owned bank. Austrian banking group Österreichischen Volksbanken-AG (ÖVAG) controls 51 percent of Volksbank International AG, the majority shareholder of Volksbank Romania, while a package of 25.4 percent is owned by German bank DZ Bank and French bank Banques Populaires. Volkbank Leasing, where ÖVAG controls a 50 percent package of shares, is also present on the Romanian market. Romanian media has been recently writing about potential suitors for the Romanian subsidiary of Volksbank, without mentioning any names in the race. Read the full article on Reuters here. Irina Popescu, irina.popescu@romania-insider.com (photo source: www.news-business.net)