Accord-Invest Investment Company’s Ural branch and the branch’s Yekaterinburg HQ are to close down soon. The decision was taken by URALSIB Financial Corporation, the proprietor, the branch’s Director Konstantin Selyanin informed UrBC.

‘The investment company’s sole owner decided a little while ago to do away with some of the regional subsidiaries and their offices, including the Ural branch. URALSIB was legally qualified to make such a decision regardless of the subsidiaries’ actual performance, so the company’s Ural branch has been gradually diminishing since July 1, 2009,’ Selyanin explained.

‘I find it hard to comment on this decision, as we cannot be very clear about the motivation behind it. As far as I can judge, URALSIB is currently undergoing a general restructuring procedure, with downsizing and closing down of offices in may Russian cities. For one, Bank URALSIB’s small town outlets are also being liquidated. At any rate, I am not ashamed of the way I’ve been running the business at Accord-Invest,’ he added.