OREANDA-NEWS. On 17 March 2009 was announced, that according to the Temporary Administrator of Nadra Bank < NADR UZ N/R >, the bank reduced its outlets number by 77 or 11% to around 600 outlets. Additionally the bank halved the salary of its personnel and cut its number by several thousand people.           

Millennium Capital sees the news to be POSITIVE for NADR, since it will reduce its administrative expenses by around UAH 15mn and its personnel expenses by UAH 60mn in 1Q2009. This will enable the bank to cut its overall expenses by around 10% in 2009E.

Millennium Capital is an integrated financial services provider. Established in 2000 by a group of professionals with solid background in securities and corporate finance, Millennium Capital is now one of the major investment banking institutions.