With a new management team, Austria's Volksbank is trying toreach an agreement with angry clients, but also devise a newbusiness strategy, after having seen the almost exclusive focus onmortgages can be risky.
Volksbank, ranking third in the system in terms of assets, and oneof the most heavily contested banks by clients dissatisfied withlending conditions, is reshaping its retail product and servicesoffer, after the lending activity was virtually blocked by theimplementation of ordinance 50.
"We're trying to redesign some procedures and products with whichto restart. Practically, Volksbank's new loan sales have beenhalted now, as everybody is busy with ordinance 50 implementationand client complaints. This is the disadvantage of a single-productbank," says Lucian Cojocaru, 42, who in mid-September took over theposition of vice-president in charge with retail operations.
Volksbank has appointed for each unit an adviser who has thecompetence to talk with disgruntled clients and negotiate costrevisions depending on each case.
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