Are you sure?

Volksbank happy with Serbian operations

Austria’s Volksbank International Group has to date invested €120 million ($166.5 million) in its Serbian bank, Friedhelm Boschert says.

The group’s representative added that Serbia recorded highest growth rate among its nine banks operating in Central and Eastern Europe. Boschert pointed out this was one of the reasons behind Volksbank International shareholders’ decision to hold a managing board session in Serbia. The assembly was held on September 13 in Volksbank’s Serbian headquarters located in New Belgrade. The bank is present in the Serbian market since mid-2003, when it acquired the former Trust Bank.

Volskbank International has in the first six months of 2007 increased its balance sum by 69.5% to reach €8.2 billion ($11.38 billion), with its business in Serbia, the Czech Republic, Hungary, Slovakia, Croatia, Bosnia, Romania and Ukraine. At the same time, the number of clients increased to 1.3 million, a rise of 47.1% in the H1 of this year. The deposit volume went up 53.2%, while that of loans grew 63.8%. Volksbank International, a majority stock holder in Volksbank Serbia, employs 4,700 people in a network of 4458 offices.

The shareholders are Volksbank Vienna with 51%, followed by DZ Bank/WGZ Bank of Germany, and France’s Banque Federale des Banques Populaires, with 24.5% each. (