“The Finnish operations are deemed to be the right size. Our offices in Shanghai, China, and New York City, USA, will remain,” writes Swedbank in a press release.
The measures are the result of a strategic review carried out by the bank to achieve a better focus on the core business. The measures also include a new partnership with Sparebank1 SR-Bank in Norway, which has already started.
According to the bank’s new financial plan, the goal is to have a return on equity of 15 percent in 2025. The dividend policy of distributing 50 percent of the annual profit remains.
“Any surplus capital will be returned to our shareholders,” the bank writes.
“When we are profitable, we can support our customers, give dividends to our shareholders and continue to develop the bank. And contribute to financial stability. For our customers, our employees and for society,” writes Swedbank CEO Jens Henriksson in a comment.