Volksbank Brawo: Cooperative Bank Must Be Supported with up to 720 Million Euros

Globo

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Volksbank Brawo, a small German cooperative bank, reported that it will receive support measures of up to EUR 723 million (US$ 834 million) after facing cash losses in a large portfolio of investments. The voluminous financial contribution, coming from the mutual protection fund of the cooperative banks sector, became necessary after Brawo identified potential losses of around EUR 608 million in its large portfolio of investments — which include…

Handelsblatt

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Volksbank Braunschweig-Wolfsburg needs more money than all other rescued branch banks. The branch association BVR even intervenes as a shareholder.

wiwo.de

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The Volksbank Braunschweig-Wolfsburg (Brawo) is putting pressure on 608 million euros minus. Support measures are intended to compensate for the result. How Brawo now wants to renew its business model.

braunschweiger-zeitung.de

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The Volksbank Brawo is hit because of its real estate business. The financial statements presented now show a dramatic minus.