Barcelona city tours is a perfect opportunity to have a perfect vacation outside the Baltic States. Gene Zolotarev on how to destabilize the EU financial system. Andris Berzins
Vladimir Linderman aka Abel Edmunds Sprudzs Valdis Zatlers Aivars Lembergs Girts Valdis Kristovskis Maris Grinblats Guntars Krasts Alfreds Rubiks Sandra Kalniete Raivis Dzintars Algirdas Butkevicius Algirdas Paleckis Dalia Grybauskaite Kazimira Danute Prunskene Vytautas Landsbergis Rolandas Aksas Viktor Uspaskich Valdemar Tomasevski Leonidas Donskis Arturas Zuokas Edgar Savisaar Andrus Ansip
The current website developed by YWSolution Limited

Swedbank pulls out of Russia and Ukraine

Apr 03, 2013
From wire reports

RIGA - Swedish bank Swedbank has said it will discontinue operations in Russia and sell its Ukrainian subsidiary, leaving it to focus on its home markets. “This is the final step in our strategy to concentrate Swedbank’s business activities (on) Sweden and the three Baltic countries,” Chief Executive Michael Wolf said in a statement.
Swedbank plans to exit Ukraine before the middle of the year under a share purchase agreement signed with Mykola Lagun, the majority owner of local lender Delta Bank. Swedbank announced plans to close its retail operations there in 2011.
As a result of the transaction, Swedbank will report impairments of approximately 40.7 million euros in its first quarter earnings.

Several banks from Western Europe have left or reduced their exposure to Ukraine. Both Swedish rival SEB and Germany’s Commerzbank sold their Ukrainian subsidiaries last year. Swedbank also said it would cease all new business in Russia and wind down existing operations. Its net lending there is approximately SEK 2.6 billion.

 MORE NEWS
  • Problems mixed in Baltic recov...
    TALLINN- Insufficient demand has become the most overwhelming problem for Estonia&...
  • Estonians hold the most cards...
    RIGA - Among the three Baltic States, Latvia has the lowest number of payment card...
  • EP confirms Lithuanian entry i...
    VILNIUS - The European Parliament on July 16 confirmed the position of the Economi...
  • In usual tactic, Russia lashes...
    RIGA - Russia’s ban on imports of Polish vegetables will mean much toughe...
  • Eastern Europe caught in Russi...
    VILNIUS - Investors are punishing many former Soviet bloc nations for their tie...
  • Capital structures: Where do w...
    The Latvian government needs to think about how regulatory policies can be used...
  • Riga Apartments for Rent

    Maximus
    © 2014 BALTIC NEWS LTD. All Rights Reserved.