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Swedbank to discontinue operations in Ukraine and Russia

Swedbank has decided to discontinue its remaining operations in Ukraine and Russia and has signed a share purchase agreement regarding its Ukrainian subsidiarywith Mr. Mykola Lagun, the majority owner in Delta Bank.

 

 

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 Swedbanks 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.

 

As aresult of the divestment, Swedbank will report impairments in Ukraine of approximately 340 SEK under Discontinued Operations in the first quarter of 2013.Following the completion of the sale,the remaining exposure in Ukrainewill comprise real estate assets managed by Swedbank’s subsidiary Ektornet with a book value of approximately 600 SEK which will be sold in due course.

 

SwedbankwillalsoceaseallnewbusinessinRussiaandwinddownitsexisting operations. Swedbank’s net lending in Russia (including leasing) is approximately SEK 2,6 billion. The lending portfolioin Russia, consisting mainly ofperforming corporate loans, will decrease through amortisation. Swedbank has real estate assets worth 150 SEK in Russia, which also will be sold.

 

Forfurtherinformation, pleasecontact:

 

Thomas Backteman, Head of Corporate Affairs, Swedbank, phone: +46 708 311166

Johannes Rudbeck, Head of Investor Relations, Swedbank, phone: +46 705 82 56 56

Anna Sundblad, Press Manager, Swedbank, phone: +46 703 21 39 95