Adds Swedbank Swedbank Invest

adds Swedbank Swedbank Invest (both - are at Swedbank, Kiev), in order to resist the negative effects of financial and economic crisis, the bank said.

June 15, 2009 at an extraordinary general meeting of shareholders of a public joint stock company Swedbank decided to accede JSC Swedbank Invest (private) … The decision to merge the Swedbank Invest and Swedbank is the right way, allowing to confront negative the impact of financial and economic crisis and strengthen its positions in the financial market , - stated in a press release.

merger of banks is expected to be completed before the end of 2009.

According to a press release, the merger will allow the banks to consolidate the financial resources to simplify the process of capitalization, management structure and streamline administrative costs, improve risk management, to create more favorable conditions for customer service, which will ensure further development of Swedbank.

Merging financial institutions to greatly simplify and expedite the implementation of business standards Swedbank, would improve internal and external communication processes.

As reported, Swedbank in connection with a significant economic crisis in Ukraine declined from earlier talking to the aggressive development plans in the country. Swedbank, in particular, stated the intention to strengthen risk management and to achieve economies of scale by producing for the unification of two Ukrainian banks he controlled. In addition, the Swedish Bank plans to cut expenses in Ukraine, would slow the opening of new offices, will continue their restructuring and modernization.

Ukraine has two bank subsidiaries Swedbank: Swedbank (formerly - TAS-Komerzbank) and Swedbank Invest (formerly - TAS-Investbank).

At 1 April 2009 the largest shareholder of a Ukrainian Swedbank Swedbank Invest (100%), which in turn belongs to the Swedish Swedbank (99,9995%).

According to the National Bank of Ukraine on 1 April 2009 to total assets Swedbank was 15 th (15.137 billion UAH), Swedbank Invest - 30 th place (5332 million UAH) to the 182 banks operating in the country.

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