OAO Alfa-Bank had to close down five offices of Bank Severnaya Kazna in the course of the financial recovery procedure the latter needed, Bank Severnaya Kazna’s Deputy Chairman of the Supervisory Board Roman Vitkovskiy said in the course of an online conference held by the two banks. The conference was broadcast via Alfa-Bank’s official website.

‘Bank Severnaya Kazna used to have thirty-eight offices throughout Russia. Five of them stopped operating, and so did one of Alfa-Bank’s own offices. The remaining outlets are now used by both banks to make sure customers can get serviced in the places they already know. As for the closed-down outlets, these were mainly ‘doubles’ of some other offices; also, two of them were new outlets that failed to meet their profit expectations,’ Vitkovskiy explained to an UrBC reporter.

Yekaterinburg-based Bank Severnaya Kazna found itself on the brink of bankruptcy late in 2008 and had to undergo a financial recovery procedure. The procedure was carried out by Alfa-Bank and Deposit Insurance Agency.

The bank’s new owner, Alfa-Bank intends to close down Bank Severnaya Kazna altogether.