De Volksbank presents framework for transformation

Rationalisation of brand portfolio: movement towards one strong retail brandOptimisation of distribution model: reduction in number of branches, while maintaining nationwide coverageSimpler organisational structure in this phase of the transformation leads to an expected reduction in the number of jobs by 700 - 750 FTEs by 1 July 2025This is expected to lead to an annual structural cost saving of approximately € 70 millionIntention to make a reorganisation provision for 2024To comply with increasing laws and regulations, additional running costs are incurred to combat financial crime and in the area of risk management. This also includes temporary hiring of external staff. These temporary costs partially offset the above-mentioned structural FTE cost saving