International Banking
Annika Wijkström
”Management and control have the highest priority, while growth objectives have been revised downward, although we see future potential.”
International Banking comprises all international business units that are not defined as home markets and separate strategic operating areas. These currently include the banking operations in Ukraine and Russia, the branch offices in Denmark, Finland, Norway, the U.S. and China, the subsidiary in Luxembourg and the representative offices in Japan and Spain. In addition, International Banking is responsible for the Swedbank Group’s overall relationships with banks and financial institutions.
Swedbank’s most important markets in International Banking – Ukraine and Russia – faced great uncertainty in 2008, mainly during the second half of the year. The rate of expansion has therefore been reduced, while focus has intensified on communications and co-operation with customers to mitigate the effects of any difficulties.
The new organizational structure introduced in 2008 will further improve support for international operations. The aim is that Swedbank’s operations in Ukraine and Russia will eventually develop into strategic business areas. For the Nordic branches, the top priority going forward is to co-ordinate customer offerings. The objective is to eventually create a fully integrated banking group with a single brand, a consistent offering and a uniform organization.
Return on allocated equity
Profit for the year*
* Excluding impairment of goodwill, SEK1 403m, 2008. ** Including total paid-in capital, 2008.