Despite the closure the bank said it would remain present on the Russian market but would conduct export financing from its headquarters in Ljubljana.

The Moscow representative office was set up in 1992 in a bid to help Slovenian companies do business in Russia.

NLB is in the midst of a restructuring plan that involves reducing the headcount by a fifth by 2015.

Over 200 layoffs are planned for this year alone and the bank plans to scale down its retail network in Slovenia.