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By Zoe Schneeweiss
March 29 (Bloomberg) -- Oesterreichische Volksbanken AG may
be worth no more than 761 million euros ($1 billion), Standard
newspaper reported, citing a KPMG report commissioned by
Volksbanken’s management board.
Previously the bank had been assumed to be worth as much as
2.5 billion euros, the Vienna-based newspaper said. According
to the KPMG report Volksbanken from 2011 to 2014 won’t be able
to fully pay interest on the 1 billion of state funds it
received last year, Standard said.
Volksbanken made a loss of about 940 million euros last
year and had loan loss provisions 850 million euros, the paper
said.
By Zoe Schneeweiss
March 29 (Bloomberg) -- Oesterreichische Volksbanken AG may
be worth no more than 761 million euros ($1 billion), Standard
newspaper reported, citing a KPMG report commissioned by
Volksbanken’s management board.
Previously the bank had been assumed to be worth as much as
2.5 billion euros, the Vienna-based newspaper said. According
to the KPMG report Volksbanken from 2011 to 2014 won’t be able
to fully pay interest on the 1 billion of state funds it
received last year, Standard said.
Volksbanken made a loss of about 940 million euros last
year and had loan loss provisions 850 million euros, the paper
said.
