The bank for women project, Banco Kristal, by the Banco de Costa Rica (BCR) has suffered a setback, the state bank deciding to cut back the Kristal format by shutting down 5 of the 14 branches.

Banco Kristal offers exclusively solutions for women and their financial needs.

The closed branches are located in shopping malls were the BCR also has branches. The closure is to avoid duplicity, said the BCR in a statement.

“We are also working on an optimization of the offices and a saving in the rent, so in certain cases, some Banca Kristal offices will be integrated into the BCR, while others will remain open,” said Renán Murillo, BCE deputy manager.

The official said, “the bank wants to take advantage of its positioning and refocus the business, expand the product and turn it into a mass access product”.

Kristal clients will now be able to access the services of the 200 BCR branches and not the only the “Kristal” branches. Bank officials said that despite the changes there will be no cuts in personnel.