AFP:Austria's Volksbank to see major losses over debt crisis

Austria's Volksbank (OeVAG) followed Thursday in the footsteps of the country's biggest listed bank Erste Bank by announcing massive losses this year, due to major write-offs at home and in Romania. Given the situation on the financial markets and the ongoing debt crisis, the book values of OeVAG's Vienna-based Investkredit Bank and Volksbank Romania "will be written down by an amount of approximately 700 million euros ($965 million) in the single entity statement," OeVAG's CEO Gerald Wenzel ...

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