Swedbank to sell off operations in Russia & Ukraine
Swedbank is selling off its remaining banking operations in Russia and Ukraine. According to news agency TT, the sale is expected to be complete by summer.
Swedbank's head of press Anna Sundblad tells news agency TT that the move is part of the bank's strategy to focus on its four markets at home in Sweden and the Baltic.
"With the figures in hand, it hasn't been a good investment for Swedbank's shareholders," says Johannes Rudbeck, the head of investor relations at Swedbank to news agency TT, referring to operations in the Ukraine, which have cost shareholders around SEK 11 billion since the bank entered that market in 2007.