Volksbank Romania receives EUR 200 mln capital injection

Newsroom 16/12/2011 | 14:33

Volksbank Romania will benefit from a capital increase of EUR 200 million at the beginning of 2012, but denies any speculation regarding the closing or selling of the Romanian operations in the short term.

“Volksbank Romania has benefited from capital infusions of EUR 400 million in the last two years, making it one of the largest direct investors on the local market, according to Johann Lurf, president of Volksbank Romania.

Lurf also commented on rumor regarding the closing or selling of Volksbank Romania: ” The recent announcement of the major stakeholder, Austrian Volksbank Group, through which Volksbank Romania is transferred in a separate division, considered non-core, doesn’t involve a new approach of shareholders vis-à-vis the Romanian activities, but a formalization of the strategy that has already been announced”.

The strategy proposes the revitalization and selling of Volksbank Romania in a few years, when market-conditions will be favorable. The president of Volksbank Romania adds that the capital increase proves that shareholders are interested in supporting the Romanian subsidiary.

This October, Volksbank Romania was transferred to a financial vehicle, VBI Beteiligungs, as Volksbank International, except the Romanian subsidiary, was sold to Russian Sberbank.