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Swedbank given green light to resume Russian operations

05-09-2007 08:59

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The Bank of Russia has now announced their decision to let Swedbank resume its operations in Russia at full scale.

“We are very pleased with the decision and are ready to resume operations. We have taken the measures the central bank has asked of us. Our long-term strategy has not changed and we consider Russia as an important growth market for Swedbank Group,” says Swedbank President and CEO Jan Lidén.

On June 6 of this year the Russian central bank decided to restrict portions of Swedbank’s operations in Russia for a period of three months. The central bank suggested that Swedbank may have violated federal laws and the normative acts of the Russian central bank on prevention of illicitly acquired funds.

Swedbank currently has branch offices in Moscow, Kaliningrad and St Petersburg, 305 employees and approximately SEK 8 billion in outstanding lending in Russia.

For further information, please contact:
Jan Lidén, President and CEO, Swedbank, telephone: +46 8 585 922 27
Erkki Raasuke, Head of Baltic Banking, Swedbank, telephone: +372 888 1472
Johannes Rudbeck, Head of Investor Relations, Swedbank, telephone: +46 70 582 56 56
Anna Sundblad, Press Manager, Swedbank, telephone: +46 70 321 39 95