Swedbank AB Discontinues Russian and Ukrainian Operations-DJ


Tuesday, 2 Apr 2013 02:50am EDT 

Dow Jones reported that Swedbank AB has decided to discontinue its operations in Russia and Ukraine as part of its strategy to focus on its core markets, Sweden, Estonia, Latvia and Lithuania. As part of the process, Swedbank has signed a share purchase agreement for its Ukrainian subsidiary with Mykola Lagun, the majority owner in Delta Bank. The deal is expected to close in the first half of 2013. After the sale is completed, Swedbank's remaining exposure in Ukraine will comprise real estate assets with a book value of around SEK 600 million (USD 92 million) which will be sold in due course. In Russia, where Swedbank's net lending amounts to around SEK2.6 billion, it will wind down its operations and sell its SEK150 million real estate assets. 

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