GUTA Bank posts development plans

GUTA Bank is planning to invest about $100m in the program of retail business by 2010, GUTA Bank Vice President Denis Konstantinov declared at a news conference today. According to him, the bank will increase the number of its outlets to 250 in ten years, against 70 currently.

Konstantinov noted that the bank was planning to increase its share on the Russian retail bank market to 3 percent in five years. Currently this share is ten times less, he admitted.

The bank also expects to raise its capitalization to about $700m to $800m in ten years. The current volume of the bank's retail business (individual deposits and credit cards) amounts to $120m, against $30m at the beginning of 2002, Konstantinov noted.

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