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VBAG and RZB Group reach an agreement

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2013-06-27 14:54

Raiffeisen press release:
–    RZB Group acquires VBAG assets
–    Contract on first package signed
–    Further tranche still in negotiation

Yesterday evening, Österreichische Volksbanken-AG (VBAG) and the RZB Group concluded a contract on the acquisition of assets. Subject to the approval of the Austrian Federal Competition Authority, credit claims of domestic and international corporate customers will thereby be transferred to the RZB Group.

As part of the negotiations with regard to VBAG’s restructuring in February 2012, the RZB Group agreed to acquire VBAG assets of approximately € 1 billion. This should result in a relief of VBAG’s equity capital. After extensive examination and due diligence, a first significant tranche has now been defined. Raiffeisen Bank International AG (RBI), which is among others responsible for the RZB Group’s corporate business, will take the loans onto its books.

VBAG and the RZB Group will continue their negotiations in the next weeks in order to agree on the assets still pending. Both a further purchase of credit claims against domestic and international customers as well as of parts of VBAG’s international leasing business is possible.

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