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Report: Idea Bank to shrink branch network in cost-cutting drive

Idea Bank SA plans to close and reduce the size of some of its branches, Parkiet reported Aug. 26.

Instead of 30 large branches, the bank plans to have 25 smaller outlets with limited cash-handling operations to reflect changing customer preferences and the increasing popularity of electronic and mobile banking, a spokesperson told the newspaper.

The troubled Polish lender hopes the changes will significantly reduce monthly spending on its branch network and intends to complete the restructuring process at the beginning of 2020.

Idea Bank recently announced plans to lay off around 50% of its workforce and is also in the process of looking for a financial investor willing to boost its capital. The lender said at the end of April it could sell some of its assets if the search for a financial investor fails.