Raiffeisen Bank International’s (RBI) new chief executive Karl Sevelda has said that the bank will adopt painful cost cuts that include forced lay-offs.
As a part of the strategy, RBI will scale back its growth plans in some central and eastern European countries.
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Sevelda said RBI will scale back its operations in Hungary, Slovenia and perhaps Croatia, while enhancing the focus on countries like Russia, Poland, Austria, Romania, Slovakia and the Czech Republic.
Austria-based bank’s CEO also revealed that the bank has no plans to pull out of Hungary, where it continues to be hit with a bank tax, but isn’t expecting growth there either.
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