Bank plans big restructuring

  • 2003-07-10
  • Baltic News Service

Vilniaus Bankas, Lithuania's largest bank, announced that it is launching the largest modernization project in its history.
The project, according to a bank announcement, will streamline the bank's business model, improve customer service and upgrade information systems.
The bank, which is owned by Sweden's SEB, has earmarked 50 million litas (14.5 million euros) for investment in information systems this year alone.
"We are aiming to make our business more efficient, and for this purpose we are planning to streamline our staff structure by cutting the number of employees in inefficient areas of operations and increasing the number of staff in customer service and other areas," President Julius Niedvaras said in a news conference.
Also, accounts will become multicurrency accounts, which will allow customers to keep their funds both in the national currency and foreign currencies in a single account.