CREDIT BANK OF MOSCOW focuses its business in Moscow

06.07.2009

Due to the significant changes in the market conditions, the Managing Board of Credit Bank of Moscow made a decision to focus the Bank’s business in Moscow region as the most perspective region for its future business development.

Thereupon the Bank plans to close its 8 regional branches in the Central Federal District within next 2 months. At the same time it is planned to open at least 15 new branches in Moscow and Moscow region within one year.

“Our strategy is permanent. Our main focus is still banking business development and income augmentation. Currently following regional branches network expansion course does not correspond to the Bank’s strategic objectives. If tomorrow the situation shapes differently and we decide that regions indeed might allow us strengthen our position in the market, we will re-establish our presence therein”, - commented Alexander Nikolashin, CBM’s Chairman of the Board.

Interest in respect of all the terminating agreements will be repaid by the Bank in full, current interest rate being applied to deposits instead of demand rates, proving our Bank’s customer care being one of the main priorities. All active deposit agreements will be served in Moscow branches.

In order to continue serving its borrowers, the Bank plans to pass its credit portfolio to other banks’ branches presented in respective regions. For clients willing to continue business relations with CBM, the Bank will consider the possibility for entering into agreements with regional banks’ branches in order to decrease charges for funds transfers to repay their loans.