VBAG successfully split – wind-down entity immigon manages remaining assets

  • CEO Koren: „The remaining assets are to be wound down effectively and in a value-preserving-manner until the end of 2017.”

    Vienna (4 July 2015) – Österreichische Volksbanken-AG (VBAG) as of today ceases to exist. The legal split-up of VBAG, the transfer of the spun-off part of the business to Volksbank Wien-Baden AG, the surrender of VBAG's banking licence and VBAG's departure from the joint liability scheme have been implemented.

    The "remainder of VBAG" continues to operate as a wind-down entity under the name of immigon portfolioabbau ag in accordance with section 162 of the Federal Act on the Recovery and Resolution of Banks (BaSAG). Immigon is responsible for managing its assets with the aim of ensuring the orderly, active and value-preserving wind-down of its assets. The immigon management consists of CEO Stephan Koren, Michael Mendel and Rainer Borns. Supervisory board chairman is Klaus Liebscher.

    CEO Stephan Koren: "The split of VBAG creates the basis for an orderly wind-down of immigon out of its own resources and without new capital from the outside. The aim of immigon’s management is the effective and value-preserving wind-down of its assets until the end of 2017. We thank our employees for their commitment and loyalty to the company in the past difficult years."

    For queries, please contact:
    Petra Roth
    Tel: 0664 6129223