December 10, 2014 / 8:30 AM / in 3 years

Austria's Volksbanken sells Romanian unit to Banca Transilvania

VIENNA, Dec 10 (Reuters) - Part-nationalised Austrian lender Volksbanken AG and its partners have agreed to sell their Romanian business to Banca Transilvania, Volksbanken said on Wednesday.

Volksbanken gave no financial details in a statement that said the deal was set to close in the first half of 2015 pending regulatory approval.

Volksbanken had to sell the business, in which it holds 51 percent, under a revamp mandated by the European Commission in return for allowing state aid. (Reporting by Michael Shields; editing by Jason Neely)

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