Swedbank closes 5 branches in Estonia

TALLINN - The Nordic-Baltic group Swedbank plans to close five of its banking centers in Estonia, leaving 58 remaining, to cut costs, the Estonian national broadcasting corporation ERR reports.

Having announced in December the lay-offs of 600 employees, including 300 in the Baltics, the Swedish company will close a branch on the east side of Tallinn in February, in Otepaa and Kunda in March, in Parnu and Vandra in April, writes LETA.

Closed branches will be replaced by two Swedbank buses, equipped with an ATM and customer service representative, which will travel around Otepaa, Kunda and Vändra.

According to retail banking director Ulla Ilisson, the changes are being made to cut costs, but also because increasingly more customers are using internet banking services,

As of September, Swedbank employed 2,600 people in Estonia.