UglemetBank JSC Board of Directors decided to close their Moscow subsidiary last Monday. According to Deputy GD Nikolay Romanenko, this had to do with the final transfer of the bank’s headquarters to Chelyabinsk and therefore making the structure of the company less extended.

Up to then, two of the bank’s subsidiaries were operating in Moscow, one of which was set up in 2005 as an interim office. ‘Now the representative functions of one of the offices in Moscow are to be delegated to the other subsidiary,’ Mr Romanenko said.