Handelsbanken set to close its three branches in Estonia, Latvia and Lithuania
Handelsbanken is set to gradually discontinue its operations in the three countries and will close the branches in Tallinn, Riga and Vilnius.
Despite the implementation of efficiency-enhancing measures, the operations in the region have not performed satisfactorily. Profitability is too low, while costs are too high. This, combined with changes in many customers’ behaviour and an increase in the investments needed, has resulted in the Bank deciding to gradually wind down the operations during 2020.
Handelsbanken has had business operations in the Baltic States for ten years. The purpose of these operations was to assist the Bank’s home market customers with their business in the region. In the future, these customers will be served by local branches in the home markets.
For further information, please contact:
Richard Johnson, Head of Handelsbanken International, +46 8–22 92 20
Maria Nordin Wessman, Acting Chief Communications and Sustainability Officer, +46 8–701 16 73
Johan Wallqvist, Head of Global Media Relations, +46 8– 701 80 47, +46 72– 206 34 50
This information is of the type that Handelsbanken is obliged to make public pursuant to the EU Market Abuse Regulation, the Swedish Securities Markets Act and the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact person set out above, at 08:05 CET on 16 May 2019.
For more information about Handelsbanken, see: www.handelsbanken.com