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Saturday, August 19, 2017

Bank of Moscow recounts business strategy

Mikhail Kuzovlev, the Bank of Moscow president and chairman of its management board, on Wednesday presented the results of three years of operation under the business strategy developed for the 2011-14 period.

He was joined by Bank of Moscow Vice President Mikhail Berezov.

The plan was adopted in the closing months of 2011 and aimed to increase bank support for small- and medium-sized enterprises (SME) and to increase overall cooperation with city and federation government officials.

In the report they stated that this period showed the highest growth rates in business among universal banks. The president stated that the loan portfolio broke the one trillion ruble (approximately $16.01 billion) threshold in 2014.

During this three-year period the bank pursued e-commerce and saw an increase of 54 percent in this area.
Optimization efforts by the bank led to the closing of 84 under-performing branches and they implemented 14 regional offices. They added that the bank is lending support to 40 percent of the entire SME and retail markets.

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Bank of Moscow - Russia

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