Volksbank Malta's parent company, Österreichische Volksbanken AG, has concluded a deal to increase its stake in Investkredit Bank AG to 97 per cent, Volksbank managing director Herbert Skok said.

Investkredit Bank AG, with total assets amounting to about €23 billion, specialises in corporate finance and is listed on the Vienna Stock Exchange. It was previously held by a number of large Austrian banks.

Österreichische Volksbanken-AG (ÖVAG) took over the shares of Investkredit Bank AG on Wednesday at a purchase price of E141,00 per share.

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