Alfa Bank posts investments in new project

Alfa Bank is going to invest about $52m in the first stage of its new project, Alfa Bank Express, Mikhail Fridman, the bank's Chairman of the Board, told journalists today. He noted that these investments could be allocated from the bank's own funds and no additional sources would be used in the near future. According to Fridman, the project will pay back in three years.

Alfa Bank Express is a new branch of Alfa Bank that will offer a contemporary set of banking products and services, including various types of deposits, credit cards and credits, twenty four hours a day seven days a week. Alfa Bank experts estimate the rendering of services to individuals as the most promising way of the bank's development. Currently, seven offices of Alfa Bank Express are already functioning and another seven are under construction. Alfa Bank will increase the number of Alfa Bank Express offices to 20 by the end of this year. In 2004, Alfa Bank is going to launch this project in Russian regions, starting with St. Petersburg. By the end of 2004, the number of Alfa Bank Express offices is expected to reach up to 84 throughout Russia.

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