In line with the European trend, Bulgarian banks have reduced their branches and staff since the beginning of the crisis. For the past four years the network of the biggest and most active banks in this country has shrunken 8.24% and staff has fallen 4.41%, a Capital Daily survey shows. The calculations are based on public data of half of the 24 registered institutions.
The overall decrease in the number of branches and staff is a logical consequence of banks' shrunken business, bankers say. That is due to the slow-down in business activity and limited household consumption. Another factor in the process is the introduction of alternative banking forms, i.e. online and mobile banking.
There are some exceptions to the rule, though. Four banks have expanded their branch network: Corporate Commercial Bank (43.59%), Societe Generale Expresbank (4.93%), DSK Bank (0.26%) and Central Cooperative Bank (0.38%). The number of employees has grown in First Investment Bank (6.32%), Societe Generale Expressbank (10.68%), Corporate Commercial Bank (42.09%) and Central Cooperative Bank (29.16%).
Read more in Bulgarian here.