Volksbank seeks strategic partner

Volksbank, Austria's troubled bank, announced Tuesday (January 26, 2010) that it is thinking of looking for a strategic partner.

Volksbank received capital worth 1 billion euros last spring from the state and its CEO Gerald Wenzel admitted that strategic partnership was one of the options.

Tha bank announced today that the process of "considering all options, including strategic partnership" started with the assistance of company Lazard.

Volksbank did not want to give any comment on the process by explaining that it was still too early for details, as well as that they were not pressed by the deadlines.

The Central Bank of Austria announced last month that "stress test" showed that Volksbank's capital was not below the level stipulated by the Law, as well as that the financial solvency of the bank was solid.

Austrian Volksbank is the majority owner of Volksbank International with the headquarters in Vienna, of which members are Volksbank in Serbia and daughter-companies in another eight countries of Central and Eastern Europe.