OREANDA-NEWS. December 27, 2007. The Bank of Moscow is intensively developing the network of their affiliates in the regions of Russia. Geographic expansion of their presence is one of strategic directions of the Bank of Moscow’s development. Since the beginning of 2007, the Bank of Moscow’s offices network has increased by more than 20%. As of December 21,the total number of the network divisions amounted to 351.

The regional network expansion was primarily assisted by the opening of the additional offices of the Bank’s existing branches and operating offices; within the period from January 01, 2007 to December 21, 2007, their number has increased from 117 to 167. It should be noted that in the current year there was an increase in the network of the Bank’s additional offices in the metropolitan region — 14 offices have been opened in Moscow and Moscow Region from January 01, 2007 to December 21, 2007.

Moreover, since the beginning of the current year the Bank of Moscow has opened two branches — in Chelyabinsk and Kovrov. At the same time, the Bank proceeded with the development of a new form of offices (according to Instructions No. 109 of the Central Bank of the Russian Federation) — operating offices. In October 2007, one of them started its activities in Ryazan and in December 2007, an operating office was launched in Smolensk.

'The Bank of Moscow is a credit institution of federal scale', said Yelena Volkova, First Vice-President of the Bank of Moscow. 'The Bank of Moscow started its penetration into financial markets in Russian regions yet in 1998 — at that time the branches have been opened in Rostov-on-Don and Vladikavkaz. During the last two years, the Bank of Moscow has been holding a leading position among the financial institutions by the network expansion and now intends to maintain such position in this direction of development by means of opening other new markets for providing their products and services. At present, the substantial part of the Bank’s activities is concentrated in the key regions of Russia.'

By the end of the current year the Bank intends to open further 10 offices — therefore, the total number of the Bank’s offices (taking into account Moscow and Moscow Region) should amount to 361.

'We are achieving the planned figures in respect of the affiliate network expansion that provide for opening about 70-80 new outlets for selling the banking products', noted Svetlana Mkhitaryan, CEO of the Network Department.