Starting from the end of April, the Central Bank of Russia will allow banks to open operations offices, a new type of bank internal structural unit, in regions. Unlike common branches, offices will open in regions according to a simplified procedure, or without prior agreement with Central Bank’s regional departments. Bankers say this will help minimize the term for opening regional offices. New structural units will operate independently, outside head offices or branches, within certain regions. These offices will be able to provide a full range of bank services, other than sizable risk transactions (not more than 5.0% of the bank’s capital) and currency market operations.
Source: KOMMERSANT, March 16, 2007
