Bank of Russia simplifies opening of banks’ internal structural units
The Bank of Russia introduces a single general type of internal structural units for banks and their branches — subbranches (except mobile cash offices). The relevant ordinance of the Bank of Russia became effective on 1 April 2022.
All existing internal structural units of credit institutions were automatically recognised as subbranches and banks are not required to rename them. Furthermore, an internal structural unit may be allowed to carry out any operations performed by the credit institution or its branch.
Additionally, the Bank of Russia has narrowed the list of documents that credit institutions shall submit to the regulator if they intend to open a subbranch.
The new ordinance stipulates no territorial limitations for opening a subbranch and establishes the procedure for opening remote points of service — offices of a subbranch located at addresses, other than that of the subbranch, where banking operations may be conducted.