Local lender Raiffeisen Bank will invest EUR 35 million in developing its business this year, more than double compared to last year when the company invested EUR 16.5 million.

The bank will allocate EUR 14 million for improving its client relation and developing the business, some EUR 15 million for infrastructure and managing the business, EUR 4 million for simplifying the business, and EUR 1.9 million for legal and sectorial regulations.

In 2015, the lender recorded a net profit of EUR 98 million, down compared to 2014, when it saw a profit of EUR 113 million. The decrease was related to the drop in revenues in 2015.

Raiffeisen Bank’s total assets reached EUR 6.95 billion, at the end of last year, up 8% compared to the end of 2014.

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