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Raiffeisenbank plans to quit Russian car lending market, close offices in 15 cities

March 25, 2015, 12:35 UTC+3 VIENNA

The bank is planning to open 6 new offices in Moscow, however

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© Mikhail Japaridze/TASS

VIENNA, March 25. /TASS/. Raiffeisenbank plans to quit Russia’s car lending market and close its offices in 15 Russian cities, CEO Karl Sevelda said at a press conference Wednesday.

"We’re going to further optimize our chain in Russia - we plan to withdraw from 15 Russian cities though we will open 6 new offices in Moscow," he said.

Sevelda also reported that "the bank plans to withdraw from certain sectors of the Russian market, particularly from car lending." He added that the optimization of the Russian business will be finalized by the end of the year.

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