NLB Closing Moscow Office

NLB Closing Moscow Office / Picture: © NLB

On Monday, the biggest Slovenian bank announced its plan about closing its office in Moscow. The measure is part of the restructuring and downsizing procedure. This year the bank plans on cutting a total of more than 200 jobs. According to the reorganization plan, which was revealed last year, a total of 700 jobs have to be cut. In 2013 already 228 members of staff were laid off. The bank intends to downsize its personnel by one fifth until the beginning of 2015 from the basis of the number of employees at the end of 2012 (total: 3,572).

The second phase of the downsizing measures, which takes place this year, will focus on regorganizing the bank’s network of subsidiaries in Slovenia since NLB has the highest number of bank shops in the country. According to the bank’s statement, this measue is taken also in regard to the increasing number of clients using online banking services. The office in Moscow was established in 1992 in an attempt to promote business of Slovenian companies in Russia. In spite of the shutting down of the office, NLB intends to remain present on the Russian market. However, export financing will be managed from the headquarters in Ljubljana.