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Sberbank Buys VBI For €585M

Sberbank is acquiring VBI for €585 million.

Sberbank is acquiring VBI for €585 million, Reuters reports. The East European armof Oesterreichische Volksbanken is 51 percent-owned by the Austrian lender. France’s Banque Populaire Caisse d’Epargne and Germany’s DZ Bank/WGZ Bank each hold 24.5 percent.

The move is aimed at securing a platform for the Russian bank to expand into Europe. The sale will also help Volksbanken to pay back state aid it got from the Austrian government during the financial crisis.

Click here for the story from Reuters.

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