Brief: Vestjysk Bank implements organisational changes

Vestjysk Bank A/S

14/09/2015 12:00

Sept 14 (Reuters) - Vestjysk Bank A/S  VJBA.CO : 
    * A number of cost-saving measures will be implemented on Sept. 28, 2015 
    * This takes place in view of the Bank's declining business volume, which is a consequence 
of the Bank's deliberate reduction of its balance sheet 
    * Overall, the organisational changes will entail a reduction in the number of employees in 
the Bank from 510 as of June 30, 2015 to around 460, equivalent to about 10 pct of employees 
    * Expects to achieve annual cost savings of minimum 25 million Danish crowns ($3.79 million) 
as a consequence of implementation of cost-saving measures 
    * Savings will not have accounting impact until as from Jan. 1, 2016 
    * Expected extraordinary costs related to the implementation of the measures will be 
recognised in the current financial year 
    * However, Vestjysk Bank maintains its expectations for 2015 of core earnings before 
impairments at the level of 350 million - 400 million crowns 
 
Source text for Eikon:  ID:nCSE5ZFt  
    
Further company coverage:  VJBA.CO  
 
 
($1 = 6.5927 Danish crowns) 
 
 (Gdynia Newsroom) 
 ((gdynia.newsroom@thomsonreuters.com; +48586983920;))