Volksbank Romania increases share capital by 200 million euros

Volksbank Romania, a local branch of the Volksbank International (VBI) group, has increased its share capital by 200 million eruos, under a decision taken on March 25 by the General Shareholders Meeting of the group. In a press release issued on Friday, Volksbank mentions that over the past five years, both the assets and the results of the bank have exceeded the average developments in the market and the number of Volksbank Romania outlets reached 185, with the number of its customers having tripled to 250,000.The capital augmentation was accompanied by staff restructuring at the VBI network and the Volksbank group. VBI official responsible with the development of a business model for the group, and Herwig Burgstaller, VBI bank expert, are two new members on the Volksbank Romania's Board of Directors. Their appointments have to be approved by the National Bank of Romania (BNR) in order to become effective. Volksbank Romania has managed to stay the third in the Romanian banking system, with assets worth in excess of 5.2 million euros, a position it won in 2008.
 
Volksbank names new chairman

The board of Volksbank International agreed to r replace Gerald Schreiner and Herwig Burgstaller from the bank's managing board. The new directors of Volksbank Romania are subject to NBR approval. Their names haven't been disclosed yet.Gerald Schreiner, chairman of Volksbank Romania for almost 5 years will use his extensive banking expertise in his new responsibilities at VBI for the development of the group's business" while Herwig Burgstaller, vicepresident, "will use his expertise at VBI's subsidiaries", Volksbank said in a release. Two vice presidents are currently in Volksbank's managing board, namely Simona Fatu and Valentin Vancea, who will remain in office. "The new members of Volksbank Romania management are already appointed and are pending for NBR approval", said the bank without further details.The board of the group has also agreed to raise Volksbank Romania's capital by E200 million.