Austria's Volksbank sells PE portfolio

The portfolio comprises private equity fund investments and direct investments in German-speaking countries and Eastern Europe. The group announced that it had sold its assets in several tranches since the end of 2013.

According to Austrian newspaper Der Standard, the Volksbanken required an extra €500m-1bn in capital (prior to the sale) to meet minimum levels as part of a shake-up initiated by the European Commission.

The bank is one of six in Austria under European Central Bank scrutiny, as part of the organisation's assessment of major Euro-zone lenders.

Volksbank CEO Stephan Koren stated that the bank was ahead of original plans to conform to the European Union's requirements.

Earlier this month, AnaCap Financial Partners, HIG and Deutsche Bank acquired a €495m portfolio of non-performing and sub-performing loans from Volksbank, made up of 3,566 loans secured by residential and commercial real estate and development land.

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• DACH
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• Volksbank AG