Bank VTB Azerbaijan Explains Closure of Branches

Bank VTB Azerbaijan explained the closure of six of its branches.

The bank's commentary says that at the end of 2016 the shareholders of VTB Bank (Azerbaijan) - VTB (PAO) and Ata Holding considered the new development strategy in the 2017-2019 years.

Bank VTB (Azerbaijan), following a new three-year development strategy, focuses on working with corporate business, consolidating the banking branch network.

In order to optimize and enhance the activity points of customer service, branches located in close proximity to each other have been merged, for example, branches Ahmedli and Hazi Aslanov were merged with the branch Neftchilar.

For uniform distribution of the presence of VTB (Azerbaijan) to the most densely populated areas in the capital, not previously covered by the bank, it was decided to open a new branch. So, in 2016, two new branches, Genclik and Elmler were opened near the same subway stations, the bank said in the comments.

It was noted that optimization of branches is part of a new corporate strategy of the bank and will not affect the level of service and the performance of the obligations assumed by the bank to its customers. Currently, these branches of the bank, as the UCO at the head office, Ajami, Sahil, Ganja, Sumgait, Neftchilar, Elmler and Genclik work as usual and continue to serve customers.

Recall that the Financial Market Supervision Authority approved the appeal of the bank for the closure of six branches. -71D-