VBAG starts sales process of Volksbank Malta Ltd
Österreichische Volksbanken-Aktiengesellschaft (VBAG) has officially started the sales process of its bank subsidiary Volksbank Malta Ltd (VB Malta). The sale is part of the European Commission's restructuring plan for VBAG, according to which VB Malta has to be sold until the end of 2015.
VB Malta has been incorporated in 1995; in the past years it constantly generated profits: in the financial year 2012, profit after tax amounted to EUR 2.2 million based on total assets of approx. EUR 540 million The bank has a very stable balance sheet structure with an extraor-dinarily strong equity base.
The bank holds a commercial-bank license since 2002; it conducts a local banking business in Malta (retail and corporate financing for mainly local customers with a volume of approx. EUR 112 million) and is further syndicate partner in international financings. Such interna-tional financings will be carved-out of VB Malta prior to its sale and the capital will, in coordi-nation with the local supervisory agency, be adjusted to reflect the lower business volume. Acquisition target of this transaction will be the local banking business only, based on a solid equity base. KPMG will act as advisor to the sales process.
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