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Swedbank to discontinue operations in Ukraine and Russia

Monday, 01 April 2013
Swedish banking group, Swedbank has announced that it has decided to discontinue its remaining operations in Ukraine and Russia and has signed a share purchase agreement regarding its Ukrainian subsidiary with Mr. Mykola Lagun, the majority owner in Delta Bank.

According to a press release from Swedbank, the transaction is expected to be completed in the first half of 2013 and is subject to regulatory approval. Swedbank’s Ukrainian and Russian operations will, as of the first quarter 2013, be reported as Discontinued Operations.

“This is the final step in our strategy to concentrate Swedbank’s business activities to Sweden and the three Baltic countries. The executive management can now turn its full attention to our home markets”, said Michael Wolf, President and CEO of Swedbank to the press release.

As a result of the divestment, Swedbank will report impairments in Ukraine of approximately Skr340m under Discontinued Operations in the first quarter of 2013.
Read the rest of the press release from Swedbank
Scancomark.com Team

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