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Austria: RZB successfully negotiates bank merger

By  |  June 27, 2013

Banking group RZB will merge with Österreichische Volksbanken, also known as VBAG, in a deal that will see VBAG’s credit claims of corporate customers transferred to RZB. The agreement was finalized this week and remains subject to approval by the Austrian Federal Competition Authority. According to reports, the agreement is a result of VBAG’s restructuring. RZB’s acquisition of the company’s assets is worth about $1.3 billion, though assets remain pending. According to reports, the parties will continue negotiations to finalize the deal concerning the remaining assets.

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