Swedish lender Swedbank is to end its retail
banking operations in Ukraine. The transformation process is
expected to be finalised by September 2013.
The change is in line with Swedbank’s new
strategy “to offer universal banking on their four home markets and
have more focused offering in niche markets” said Swedbank’s CFO
Göran Bronner.
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Swedbank identifies Sweden, Estonia, Latvia
and Lithuania as its home markets and also runs operations in
countries such as Ukraine and Russia.
A clearer focus will enable Swedbank to
improve its “cost efficiency related to operations in non-home
markets”, added Bronner.
Swedbank will continue to serve and solely
concentrate on corporate customers in Ukraine.
The one-off costs for the exit is estimated to
be about $14.9m.
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