Swedish banking giant quits Baltics – says it’s not worth the cost

Handelsbanken said on Thursday it was leaving the Baltics due to unsatisfactory performance.

“We have come to the conclusion that profitability is too low, while costs are too high. Despite efficiency-enhancing measures in the past few years, the operations in the three Baltic States have not shown satisfactory profits,” Richard Johnson, head of Handelsbanken International, told AFP.

He went on to say that circumstances had also changed drastically since the bank established its presence in the region a decade earlier, and that local offices were no longer…
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