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VBAG Supervisory Board Resolves New Divisional Structure

Other Countries ♦ Published: December 15, 2011; 19:12 ♦ (Vindobona)

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The Austrian bank will sell its subsidiaries that are not part of the core business. The headcount will be reduced by 20% by the end of 2013.

VBAG Supervisory Board Resolves New Divisional Structure / Picture: © Wikipedia / MrPanyGoff

In today’s Supervisory Board meeting of Österreichische Volksbanken-Aktiengesellschaft (VBAG), the owners approved the internal reorganization of the Group’s divisions. “We are thereby preparing the Bank for the new association model (modified structure of association of Volksbanks),” emphasized VBAG Chief Executive Officer Gerald Wenzel. “We have pooled the business units…