Austrian bank cuts costs and ups branches
March 2009 - From the Print Edition
Volksbank plans to open 21 more branches by the end of this year to reach a network of 194 units. At the same time, the bank will close down franchises which do not register a promising profit margin or make a loss, said Gerald Schreiner president of Volksbank Romania. The franchise numbers will probably decrease from 70 to between 50 and 55 . Volksbank ended 2008 with total assets of 5.3 billion Euro and a profit before taxes of 37.8 million Euro. Schreiner’s strategy for saving money in the credit crisis is not by cutting staff, he states, but through cost controls and efficiency measures.
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