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. Last Updated: 07/27/2016

Stolichny, National Sign Deal

Two of Russia's biggest banks signed a cooperation agreement Wednesday to reduce operating expenditures and cut down on certain activities to improve the quality of existing services, the banks said in a joint statement.

Fifteen retail branches of National Credit and a recently acquired subsidiary will be transferred to the control of Stolichny Bank, the statement said.

"One of the reasons is because Stolichny is turning into a retail bank," said Nina Petrova, spokeswoman for Stolichny Bank. "We are planning to recruit more and more private individuals, ordinary people off the street."

Petrova said Stolichny will manage the 15 branches, which together account for some 30,000 clients. A representative of National Credit said it was not yet clear whether all clients would make the switch to Stolichny.

National Credit is expected to carry out investment projects in Russia's regions and elsewhere in the Commonwealth of Independent States, the banks' statement said.