Volksbank Romania, the sixth largest bank on the Romanian marketby assets, which stand at 4.8 billion euros, could change handsover the next few months, after the management of Austrian groupOesterreichische Volksbanken-AG decided in mid-week to drop retailoperations on markets in the region.
Following this restructuring, Volksbank-AG, which last yearresorted to the aid of the Austrian government to deal with themassive losses it was accumulating, is set to focus exclusively oncorporate banking in Austria and adjacent markets. The separationof the business will be done by selling Volksbank International - agroup that holds and coordinates subsidiaries on five regionalmarkets, Romania included - and Volksbank Leasing International,also present on the Romanian market. Volksbank Romania alonecontributes around 10% of the overall assets of the Volksbank AGgroup.
"The necessary steps, which will be taken over the next few months,will be assisted by the mandated consultants and could end with thesale of these subsidiaries," Volksbank-AG group announced onTuesday evening, at the end of a meeting of the management board.Volksbank Romania representatives did not comment on theinformation.
Volksbank International holds operations in Romania, the CzechRepublic, Hungary, Slovakia and Croatia, with 13.7 billion euros inoverall assets at the end of September. In the first nine months ofthe year the group posted a net profit of just 21 million euros,amid major spending on problematic loans.
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