MILAN, Jan 29 (Reuters) - Italian bank UniCredit said on Tuesday it will fold its Baltic state operations into its regional headquarters in Latvia, closing branches in Estonia and Lithuania.
“Centralisation is expected to be completed in the middle of 2013,” the bank said in a statement.
“UniCredit will continue to serve its clients through the new centralised structure in the Baltic countries.”
The bank did not say how many branches it will be closing.
Currently, the bank said it has one head office in Latvia, two branches in Estonia and Lithuania, and two corporate offices in Lithuania.
The bank said the move was part of the implementation of a strategic plan launched at the end of 2011.
Reporting by Jennifer Clark; editing by Francesca Landini