Some 25 Volksbank Romania franchises were shut down in 2008 and other 15 to 20 units will be shut in 2009, reducing the operating network to 50-55 offices, Mediafax informs. The bank currently has 174 units, out of which 70 are operated as franchises.

Volksbank Romania president Gerald Schreiner explained on Tuesday that the units to be shut are those opened in 2008 that failed to reach profit before the end of the year. Considering the unfavorable perspective of the market, entrepreneurs refuse to continue losing money during the following two years, the official said.