Gerald Schreiner, chairman of Volksbank Romania for almost 5 years “will use his extensive banking expertise in his new responsibilities at VBI for the development of the group’s business” while Herwig Burgstaller, vicepresident, “will use his expertise at VBI’s subsidiaries”, Volksbank said in a release.

Two vice presidents are currently in Volksbank’s managing board, namely Simona Fatu and Valentin Vancea, who will remain in office.

“The new members of Volksbank Romania management are already appointed and are pending for NBR approval”, said the bank without further details.

The board of the group has also agreed to raise Volksbank Romania’s capital by €200 million.