After a year of preparation, the Dublin-based Bank of Ireland and Všeobecná Úverová Banka (General Credit Bank - VÚB) announced that a three-year partnership will start on December 10, officials from both financial institutions announced.
The project , funded with 1.5 million ECU (53 million Sk) from the Phare program, represents that organization's largest project in Slovakia to date. The project will focus on supporting VÚB's transformation, improving the bank's loan portfolio, and assisting it to reach banking standards in EU countries. The Bank of Ireland, which has a similar market position in Ireland as VÚB in Slovakia, was chosen from forty foreign banking institutions, likely because of its experience with similar projects in eighteen central and eastern European countries.
