Sberbank is planning to acquire a majority stake Volksbank International (VBI), Financial Times reports. The Russian lender is in discussions with Austria’s Oesterreichische Volksbanken for its 51% stake. Vienna-based Volksbanken, which is seeking to repay $1.4 billion of state aid, placed VBI up for sale in 2010, adds Bloomberg. Moscow-based Sberbank is seeking to acquire all of VBI except its Romanian unit.
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