Bank Austria Reviews Strategy for CEE

Professional ServicesBanks ♦ Published: December 17, 2011; 18:43 ♦ (Vindobona)

In its expansion strategy, the bank focuses on four countries. Plans for Hungary and Romania are stopped, up to 450 jobs will be cut.

Bank Austria Reviews Strategy for CEE / Picture: © Uni Credit Group Bank Austria

After Erste Group has announced to downsize its activities in Hungry, also Bank Austria has to rethink its strategy in Eastern Europe. According to Gianni Franco Papa, head for operations in Eastern Europe, only four markets are in the focus: Russia, Turkey, Poland and the Czech Republic. Here, up to 400 new branches will be established in the next years. The other 15 markets will be…