Banks: Owners of Volksbank Brawo approve support measures
The representative assembly of the Volksbank Braunschweig Wolfsburg approves the annual financial statements. The protection institution of the industry association BVR steps in. And a new boss is coming.
The Volksbank Braunschweig Wolfsburg (Brawo) has received approval from its representatives for its annual financial statements and a bailout package. The bank will receive up to €723 million in support from the protection institution of the BVR industry association. The support includes €473 million in guarantees to shield risks in the real estate business and €250 million in capital shares to meet regulatory requirements.
The bank's representatives approved the measures with a large majority, but the shareholders still need to formally approve the financial statements. The Volksbank Brawo is the largest bank to receive support this year, with a balance sheet total of €6.5 billion.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
