‘The bank runs two subsidiaries in Yekaterinburg now; they are called Ural and Yekaterinburg, the latter being based on Impexbank’s subsidiary after the bank merged with Raiffeisen Bank in November 2007. The decision to close down this subsidiary has been brought about by our efforts to improve on the bank’s local subsidiary network. In fact, having two subsidiaries of one and the same bank within one city is economically inexpedient; it makes much more sense to have one subsidiary with several offices. This is why Raiffeisen Bank will only have one Ural subsidiary in Yekaterinburg starting December 12, 2008,’ says Raiffeisen Bank’s Ural Regional Center’s Director Vitaliy Milovanov.

‘The majority of personnel from the bank’s Yekaterinburg subsidiary are already working at the Ural one,’ he adds.