KPMG to advise Volksbanken on Malta unit sale
VIENNA, Sept 5
VIENNA, Sept 5 (Reuters) - Part-nationalised Austrian lender Volksbanken AG has hired KPMG to advise on the sale of its bank business in Malta as part of an EU-mandated revamp, it said on Thursday.
Volksbanken has to sell Volksbank Malta Ltd and a 51 percent stake in its deconsolidated Romanian banking business - which it has entirely written down - by the end of 2015, as well as its 50 percent stake in VB Leasing International by the end of 2014.
Volksbank Malta Ltd (VB Malta) made a net profit of 2.2 million euros ($2.9 million) last year on total assets of about 540 million euros. It has a loan book of about 110 million euros with retail and corporate customers.
Volksbanken said it would carve out the Malta unit's international finance syndication business before the sale.
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