Swedbank exits retail segment in Ukraine
Swedish bank Swedbank is pulling out of the Ukrainian retail market to focus solely on corporate customers.
“The change is in line with our strategy to offer universal banking on our four home markets and have more focused offering in niche markets. Clearer focus will also enable us to improve Swedbank’s cost efficiency related to operations in non-home markets,” said Swedbank CFO Göran Bronner.
The change will take two years to implement. Closing down existing retail operations over the period will cost the bank an estimated SEK100m (€11m).
Swedbank will instead focus on making its Ukrainian corporate banking operations “sustainable”. The bank expects all changes to be completed by September 2013.