Volksbank Romania negotiates sale of non-performing loans

Volksbank Romania negotiates the sale of some non-performing loans in amount of EUR 490 million and might conclude the deal by late March, said bank president Benoit Catel yesterday, quoted by Mediafax.
“Our figures indicate currently that Volksbank Romania ended 2013 with losses of EUR 103.6 million. We are amid negotiations to sell some non-performing loans in amount of EUR 490 million and if the deal is concluded, most likely by the end of this month, our losses will decrease by EUR 91.1 million, from 103.6 million to 12.5 million,” said Catel. He did not reveal the value of the deal nor the name of the possible buyer. The EUR 103.6 million losses are 38.5 per cent lower than those reported by the bank in 2012, when they reached EUR 168.5 million. According to data presented by Catel, Volksbank Romania revenues went down by 8 per cent last year from EUR 130.3 million to 119.9 million. At the end of 2013, Volksbank Romania used to have assets in amount of EUR 3.09 billion, down from EUR 4.704 billion in 2012. “Last year, the bank granted loans in amount of EUR 144 million, 130 per cent more compared to 2012, from which EUR 41 million to individuals and EUR 102 million to companies,” said the bank representative. Catel said that Volksbank Romania reduced their amount of non-performing loans by 8.8 per cent, from EUR 657 million in 2012. Inquired when Volksbank Romania will be sold, the bank president answered that the deadline set is the end of 2015.

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