Union Investment to buy most old Volksbanken assets -source

July 5, 2015 11:31 AM

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VIENNA/FRANKFURT, July 5 German asset manager Union Investment plans to buy most of the assets left over from the empire of Austria's Volksbanken, a source familiar with the matter said on Sunday, confirming a report in German markets daily Boersen-Zeitung.

Volksbanken, crushed in the financial crisis after a break-neck expansion into eastern Europe, closed as a bank on Friday and became a "bad bank" called Immigon, with the sole purpose of seling 7 billion euros ($7.78 billion) of assets.

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