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Report: Absolut Bank eyes branch closures at Baltinvestbank

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Report: Absolut Bank eyes branch closures at Baltinvestbank

, which wasselected in 2015 asan investor in a financial recovery program for , plans toreduce the latter lender's regional network by 20%, Vedomosti reported April 6.

Atotal of eight Baltinvestbank branches will be closed by the end of 2016, andthe closures are expected to generate 70 million Russian rubles in savings in 2017,the report added.

Baltinvestbankhas over 40 branches, of which 18 are in Saint Petersburg, the report noted.The closures will not affect the Saint Petersburg offices, with the exceptionof one or two unprofitable outlets, but will focus on branches in smaller townsand cities, especially those in which Absolut has its own well-developed branchnetwork.

As of April 6, US$1 wasequivalent to 68.25 Russian rubles.