The number of branches in the banking system exceeded 5,175 in September, an almost 18% increase against the same time last year. Banks saw a significant increase in territorial expansion in 2006, when nearly 1,000 new branches opened. The shift towards the direct distribution of products, through banks' own branches, came amid a slowdown in the demand for consumer credits, which were sold through retail chains in the early 2000's, from the very place where the goods were acquired. As the retail market matured and prompted a shift in demand to high-value funding (credits for personal needs with mortgage as collateral and regular real estate mortgages), bankers chose to connect with their clients directly, which allowed for a better risk management. From January until September 2007, banks opened over 700 branches. In fact, a survey conducted by ZF at the beginning of the year indicated that banks had aggressive expansion plans in 2007, and intended to open around 900 branches.
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