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Swedbank to discontinue operations in Russia
1.04.2013 19:29
Swedbank to discontinue operations in Russia

Swedbank will cease all new business and wind down its existing operations in Russia, says the Bank in its press-release.

      Swedbank’s net lending in Russia (including leasing) is approximately SEK 2.6 billion. The lending portfolio, consisting mainly of performing corporate loans, will decrease through amortisation. Swedbank has real estate assets worth SEK 150m in Russia which will be sold in due course.

      In Ukraine, Swedbank has decided to discontinue its remaining operations, and has signed a share purchase agreement regarding its Ukrainian subsidiary with Mr. Mykola Lagun, the majority owner in Delta Bank.

      “This is the final step in our strategy to concentrate Swedbank’s business activities to Sweden and the three Baltic countries. The executive management can now turn its full attention to our home markets”, said Michael Wolf, President and CEO of Swedbank.






Author: Irina Fomina

Tags: Bank     

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