Österreichische Volksbanken-AG was established in 1922 as the central institution of the Austrian Volksbanks in order to support them in fulfilling their service mandate. The regional Volksbanks hold a 50.1% stake in Österreichische Volksbanken-AG. As a result of the corporate action agreed upon by the owners of VBAG and the Republic of Austria in February 2012 (70% capital write-down and subsequent capital increase in an amount of euro 484 million), the Republic of Austria now holds 43.3% of VBAG.*
* The corporate action will become legally effective with entry into the commercial register which is expected for the third quarter of 2012.