Austrian Volksbank International AG became a shareholder of OJSC "Electron Bank". On the 2nd of September 2008 OJSC "Electron Bank" officially changed its name to OJSC "VOLKSBANK".
Change of the name from Electron Bank to VOLKSBANK is connected with its final integration to Volksbank International AG group (Austria).
Foreign investor, Austrian Volksbank International AG is opening new opportunities for the development of the Ukrainian economy and for every citizen of the country. As of 01.09.2008 VBI granted investments totaling in EUR 252 mln. By the end of 2008 the volume of granted investments will amount to EUR 332 mln.
A long organizational period preceded the change from OJSC "Electron Bank" to OJSC "VOLKSBANK". Internal processes of the bank's activity had to be brought in accordance with the standards of VBI group. Some specific changes included changing the bank's organizational structure from three-levels to two-levels (transforming Branches to Regional Branches), the implementation of most modern software and banking technologies, reorganization of a risk management system by taking into consideration principles and requirements of Basel 2 and increasing personnel proficiency level by providing trainings and studying of European experience, etc.
According to the Chairman of the Managing Board of the Bank Larysa Zahorodnya, during 17 years of activity on the market of banking services the Bank has gained significant experience and is ready for innovations. These changes mean not only the name changing, they include way of thinking and approach for clients servicing. The bank is entering the national market not only with a new name, OJSC "VOLKSBANK", but also with new ideas, approaches, original decisions and development strategies.
New name - OJSC "VOLKSBANK" is well known abroad for a long time since Volksbank International is present in 9 countries of Central and Eastern Europe. Translating from German a Volksbank mean "PEOPLE'S BANK" and is associated with openness, availability for everyone, additional opportunities, advantageous offers and only positive emotions. In addition the blue color in our logo signifies safety, trust, creativity, truth, devotion, peace and enables positive feelings and thoughts. Blue color creates good feeling, disposes to positive thoughts and communicates great internal force as well.
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