Handelsbanken to close almost half of its branches

1:46 min

Handelsbanken will close 180 of its 380 branches in Sweden by the end of next year. Approximately 1000 jobs will be cut in the coming years.

The changes are aimed at lowering costs - some 20 billion kronor until 2022 - and are combined with increased investment in online services.

According to the Swedish Bank Association, there were a third fewer physical bank branches on Swedish high streets last year compared to 2010. But while many other banks have increasingly moved their business online, Handelsbanken - one of the three biggest banks in Sweden - has up until now not followed this trend, reports news agency TT.

We have quite simply reached a kind of tipping point, where we see that our customers are choosing a different way to meet us,"

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