Oesterreichische Volksbanken is selling a majority stake in its VBI unit to Russia’s Sberbank, Reuters reports. As a part of the deal, Sberbank will get a 51% stake in the eastern European company.
The transaction is expected to be closed by the end of this year. The financial details of the transaction have not been disclosed, but the Austrian financial services provider is likely to get around $836 million for the sale.
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