VR Plus Bank exits agricultural machinery in major strategic shift
VR Plus Bank is selling off its agricultural machinery division, including the alka-tec dealership and five Fendt service centres. The move signals a retreat from non-banking activities as the bank refocuses on its core financial services. The bank's decision follows years of expansion into sectors beyond traditional banking, including agricultural machinery sales. Under new leadership, this strategy has now been reversed, with the bank citing financial pressures from the COVID-19 pandemic and past management errors.
The five Fendt service centres are spread across northeastern Lower Saxony and the Altmark region, with key locations in Wendland, Osterburg, GroĂ Oesingen, and Oetzen. These facilities, alongside alka-tecâa brand with roots dating back to the 1950sâwere consolidated under alka-tec GmbH in 2019.
No formal offers have yet been made for the divisions, despite interest from potential buyers. The sale could impact around 600 employees, whose future remains uncertain, while roughly 200 staff in the banking sector are expected to keep their jobs.
Industry observers note that alka-tec is one of Deutz-Fahr's largest partners in Germany. If sold, the loss of such a major dealer could further strain the SDF Group's distribution network, which is already under pressure from the struggles of other Deutz-Fahr dealers. The sale marks a significant shift for VR Plus Bank, which is now prioritising its core banking operations. The move may also reshape the agricultural machinery market, particularly for Deutz-Fahr's dealer network in Germany. The fate of the affected employees and the final terms of the sale remain undecided.
