Volksbank posts EUR 36 million loss on 2010 in Romania

Lender Volksbank International (VBI) recorded last year a net loss of EUR 36 million from its operations in Romania, said Friedhelm Boschert, executive director of the bank, quoted by Reuters. He also said that he is confident that the VBI group will make a profit this year. Volksbank is currently preparing to resume loan sales, which have been suspended because of the problems on outstanding loans. Gains on other markets failed to offset the loss in Bucharest, Romania being the largest foreign market for the Austrian lender, representing about one third of the assets of the group. Austria's Oesterreichische Volksbanken is currently in negotiations for the sale of Volksbank International - the division that manages operations in Central and Eastern European group. The bank has also recently announced board member Simona Fatu will leave the bank as of March 1. Lucian Cojocaru will take over her responsabilities until a succesor is named for Fatu. Irina Popescu, irina.popescu@romania-insider.com