Staff reduction not to affect Azerbaijani subsidiary of Russian bank

Economy Materials 23 October 2015 14:03 (UTC +04:00)

Baku, Azerbaijan, Oct. 23

By Anvar Mammadov - Trend:

Staff reduction planned by the VTB 24 bank will not affect the VTB Bank (Azerbaijan), the board member of VTB Bank (Azerbaijan), director of retail business development department Tural Veliyev told Trend Oct. 23.

"The VTB Bank (Azerbaijan) has no plans to reduce its staff," he said. "Moreover, while the market observes closing of branches and reduction in the number of employees of some banks, our bank continues to expand its branch network. Thus, the bank plans to soon open two more subunits, which means the opening of new jobs."

Veliyev said that in future the bank intends to optimize personnel.

"We will dismiss those employees who don't meet our requirements," said the board member of the bank. "The VTB Bank (Azerbaijan) aims to provide quality services to its customers, and therefore we pay special attention to the professionalism of our employees."

The head of the credit organization Mikhail Zadornov earlier said that the VTB 24 bank plans to dismiss every ninth employee by late 2015, that is, 11 percent of the staff. He went on to add that about 4,000 people will lose jobs. In addition, the bank has decided to close 57 branches.

VTB Bank (Azerbaijan) JSC is a subsidiary of VTB Bank JSC. Shareholders of VTB Bank (Azerbaijan) JSC are: VTB Bank JSC and AtaHolding JSC. VTB Bank (Azerbaijan) JSC provides services to clients of corporate business, small business and private clients. Today, the bank is represented by 14 branches and the Office of Customer Service at the head office.

As late August, the registered capital of the bank amounted to 50.82 million manats, while the total capital amounted to 51.52 million manats. The bank's assets amount to 378.23 million manats, the loan portfolio - 346.72 million manats and the deposit portfolio - 47.35 million manats.

The official exchange rate for October 23 is 1.0487 AZN/USD.

Edited by CN