“VB Romania, Volksbank Leasing International and Volksbank Malta are also assigned to the ‘Non-core Business’ division. These subsidiaries will not be a part of core business under the new strategy and are set to be sold depending on the market situation,” the group said in a news release.
Volksbank owners approved Thursday the internal reorganization of the group’s divisions, a project that will ultimately lead to a 20% reduction in staff by the end of 2013, with an impact on some 250 employees.