Volksbank Romania To Shut Down Up To 20 Franchise Units In ’09 On Low Pft

Around 25 Volksbank Romania units operated in franchise system had been closed last year, the bank’s representatives estimating to shut down another 15-20 units in 2009, the lender announced Tuesday.

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Thus, by end-2009, Volksbank Romania’s network will have 50-55 units operated in franchise system, compared with the current 70.

Gerald Schreiner, the president of Volksbank Romania, said Tuesday that the bank will first close down the units in franchise system that had been opened in 2008 and did not register profit by the end of the year.

Schreiner said the perspectives for the next two years are not favorable and the entrepreneurs cannot and do not want to function another two years on loss.

Volksbank plans to continue extending its bank network by opening at least 15 branches in 2009.

The bank currently owns 174 units, after inaugurating another subsidiary in Romania’s capital city Bucharest on February 3.

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