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