Bancpost has budgeted for profits of over 20 million-euros for this year, after the losses seen in 2005, due to the staff cutback related expenses that cost the bank 12.4 million euros. "About 660 employees left the bank at the end of last year. They got a severance package depending on how long they had stayed with the bank. They were people of a certain profile which we no longer had any need for in our new development plan. We even turned down a number of people that wanted to leave, as we needed them," Mihai Bogza, the bank''s chairman said. "We have a low level of productivity compared with many other banks," he added. Bancpost has now reached 3,000 employees. "We will hire other people that fit the profile we require," Bogza went on. The bank''s assets are expected to reach 2.2 - 2.3bn euros at the end of this year, with the credit portfolio set to amount to 1.5bn euros. ZF
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