Volksbanken posts 57 million euro Q1 loss, sees 2014 loss

VIENNA: Part-nationalised Austrian lender Volksbanken AG swung to a first-quarter loss of 57 million euros ($78.4 million) as it presses ahead with radical restructuring plan ordered by the European Union, it said on Monday.

Volksbanken, which is one of six Austrian banks to come under direct supervision of the European Central Bank late this year, said it expected a clear loss for 2014 as well but was not more specific.