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Swedbank reports heavy losses

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Swedbank reports heavy losses
Swedbank CEO Michael Wolf
10:05 CET+01:00
Swedbank has reported a bigger than expected operating loss of 1.6 billion kronor ($226.7 million) for the final quarter of 2009, largely due to its heavy exposure in the Baltic States and Russia, yet the bank's CEO Michael Wolf sees opportunities for profits in 2010.

 

While the bank reported a 2.4 billion kronor loss for the same period in 2008, analysts had expected a bigger improvement with only 1.3 billion in losses for the fourth quarter of 2009. However the bank was one of the worst hit by the economic crisis in the Baltic region as well as in the Ukraine and Russia last year, which caused a 10.5 billion kronor minus on the balance sheet.

 

"2009 will be remembered as the most turbulent year in Swedbank's history," said CEO Michael Wolf, adding that the outlook is far brighter for the year ahead.

 

"If the world economy continues to develop and we don't see any major setbacks, particularly in Ukraine and Latvia, then there is a good possibility we can show a profit in 2010."

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