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Report: Moneta Money Bank to reduce branch network by 10%

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Report: Moneta Money Bank to reduce branch network by 10%

MONETA Money Bank as will gradually close about 10% of its branch network — equivalent to about 30 branches — in the Czech Republic due to the changing preferences of clients, who have been purchasing an increasing range of services online, news website Aktualne.cz reported March 16.

The bank already launched the restructuring of its branch network, with several outlets closed in 2017 and 25 further closures to follow in 2018. The lender has also been modernizing its existing branch network, which is expected to have more than 200 outlets at the end of 2018, compared with 232 branches in 2016.

The optimization and modernization of the branch network is part of the lender's strategic plan to become a digital leader in the Czech banking market, the company's spokesman was cited as saying.

Other Czech lenders have also been closing their branches, the news report noted. Erste Group Bank AG unit Ceská sporitelna a.s., which has a network of about 560 branches, closed 45 smaller outlets two years ago, while KBC Group NV unit Ceskoslovenská obchodní banka a.s. shut around 20 offices over the past two years and now has about 270 branches across the country.