French bank BNP Paribas has said that is planning to cut 1,600 jobs at its Ukrainian unit as political turmoil escalated after Russia annexed the Black Sea peninsula of Crimea from Ukraine.
The bank, which had 7,155 employees in Ukraine at the end of 2013, closed 84 branches of its Ukrainian unit UkrSibBank last year as it rationalised its business in the country and currently has around 500 branches.
Go deeper with GlobalData
However, BNP Paribas CEO Jean-Laurent Bonnafe said that UkrSibBank would continue to operate despite the tensions in the country.
On Russia, Bonnafe said BNP would comply with sanctions and distance itself from "a number of" counterparties, without giving specific details.
"The sanctions would likely hurt the Russian economy," he added.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
