Sberbank Completes Volksbank Takeover

Sberbank, Russia’s largest commercial banking institution, has now completed its acquisition of Volksbank International. The purchase agreement was signed in September 2011, and covers Volksbank’s subsidiaries in eight countries, and excludes the unit in Romania, the final agreed price being fixed at EUR 505 mln. Sberbank’s objective is to be the top retail bank in Hungary, with a market share of 5 percent in the country. Marking its first sizable acquisition outside the CIS, the transaction will not impact the Volksbank brand until next year, when the re-branding is scheduled.