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Volksbank to open 50 new branches

Volksbank Hungary Rt plans to open 50 new branches in Hungary by 2008. Dr.Laszlo Balazs, chairman of the board of Magyarorszagi Volksbank, announced on the bank?s press conference. The bank will raise its capital by HUF 2.4 billion in May as needed for the expansion. Volksbank had pre-tax profit HUF 795 million in 2004, which exceeds by HUF 187 previous year. The bank?s total asset reached HUF 199 billion in 2004, 30% larger than a year before.