May 16, 2019 / 6:28 AM / 9 days ago

Sweden's Handelsbanken says to exit the Baltics

STOCKHOLM, May 16 (Reuters) - Sweden’s Handelsbanken said on Thursday it would discontinue its operations in Estonia, Latvia and Lithuania during 2020.

The bank said its operations in the Baltic region had not performed satisfactorily despite efficiency-enhancing measures.

“Profitability is too low, while costs are too high,” it said in a statement.

“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,” it said.

Reporting by Anna Ringstrom, editing by Helena Soderpalm

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