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RBI's Russian unit shuts branches, shifts focus to digital services

Raiffeisen Bank International AG's Russian unit AO Raiffeisenbank will close 39 branches in various Russian cities, including Moscow and Saint Petersburg.

The branches that are being closed are the least popular among retail clients, the bank said.

The reorganization will be completed in the first quarter of 2020, after which the bank will have 130 offices in 44 Russian cities. Further reorganization of the branch network is not planned in the near future.

The lender also said it has been increasing investments into the development of digital services. In 2019, the value of such investments almost doubled compared to 2018 and will continue to grow in 2020, the bank said.