French retail banking group Credit Agricole is considering closing approximately 50 bank branches in the Paris region by 2015, as part of its strategy to streamline banking operations in the country.
The retail banking group will also open two offices in the Ile de France region, Reuters reported, citing French daily Les Echos.
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Following the closure of 50 offices and opening of the two branches, the lender’s branch network will reduce to 277 offices from the current 325.
The news agency also reported that branches which have less than six employees will be closed in the first phase, although the closures will not result in any job cut.
Due to huge costs from exiting Greece as well as weaker revenue generation and large asset writedowns, Credit Agricole registered its biggest full-year loss in 2012.
In December 2011, the bank announced the elimination of 2,350 jobs globally amid Euro debt crisis, with France taking the major brunt with about 850 expected job cuts.
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By GlobalDataMost recently, the bank said it would divest its 18.25% stake in investment fund Eurazeo, as part of its ongoing restructuring efforts to meet Europe’s new stringent banking rules.
