Swedbank starts withdrawing from aggressive eastern expansion as it reduces operation in Ukraine
Tuesday, 20 September 2011
Swedbank's operations in Ukraine will be reduced to cater only for business customers. The so-called retail business is on its way down and within two years period it will be phased out. This will give the bank a non-recurring costs of approximately Skr100 million.
“The change is in line with our strategy to offer universal banking on our four home markets and have more focused offering in niche markets. Clearer focus will also enable us to improve Swedbank’s cost efficiency related to operations in non-home markets,” commented Swedbank’s CFO Göran Bronner.
The new strategy will be implemented during a two-year period, during which time existing retail operations will be gradually closed down and no new retail business is developed.
“The bank will continue to serve corporate customers and improve its offering to this segment with the aim to transform the bank into an efficient and sustainable corporate bank,” the bank writes in a statement.
By Scancomark.se Team
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