Raiffeisen Bank Aval has decided to close its Ternopil regional directorate.

The bank said in the information disclosure system of the National Commission for Securities and the Stock Market of Ukraine, the decision was made by the supervisory board on May 5.

The press service told Interfax-Ukraine that the closure of the directorate is a part of the program on the reorganization of the bank's branch management system aimed at optimizing expenses.

"Information on the closure of the Ternopil regional directorate of Raiffeisen Bank Aval posted on the commission's website is a report on the closure of only the regional office of the bank in Ternopil which did not affect the operation of its departments in the region," the press service said.

He said that on May 22 all clients' accounts in the Ternopil regional directorate will be transferred to the Lviv regional directorate.

As of January 1, 2015, the bank's regional chain included 671 departments.

Raiffeisen Bank Aval was founded in 1992. In early January Austria's RBI held 96.4403% in Raiffeisen Bank Aval.

Raiffeisen Bank Aval ranked seventh among the 158 Ukrainian banks on January 1, 2015 in terms of total assets (UAH 46.859 billion), according to the National Bank of Ukraine.