Baltic, Banks, Financial Services

Swedbank.

The first signboards of Swedbank were exposed at the central office of the bank in Vilnius, as well as at its branches in Kaunas, Klaipeda, Siauliai, Panevezys and Alytus. In addition, the bank changes its advertising material, the colophons of cash machines, and the web site, which will operate as www.swedbank.lt.

The legal name of the bank will be changed in spring 2009. The group of Swedbank announces that it plans long-term activities by introducing its trademark into the Baltic states. "With a new name, we will seek to remain the leader in the market and an attractive employer," stated Erkki Raasuke, head of the Baltic banking branch of the Swedbank group. According to Jan Liden, chairman of the board of directors of Swedbank, the group is convinced that this region has a huge potential, and the aim of the bank is to continue developing business in the Baltic states. "We are not threatened by the current economic situation in the Baltic states – we know how to act under such circumstances," assured the head of the Swedbank group.

"The name will be replaced step-by-step, in a year, in order not to make a negative impact on client service. All agreements, rights and duties will remain unchanged.

The client will not need to sign new agreements: accounts, loans and payment cards will continue to be valid after the bank replaces its name," explains Antanas Danys, head of Swedbank in Lithuania.

At the moment, the banking group operates in various international markets, including Sweden, the Baltic states, Russia, Ukraine, Finland, Norway, Denmark, Spain, the U.S., China and Japan. The group has over 22,000 employees and provides services to about 9 million private clients and 500,000 business clients in the markets of Sweden, Estonia, Latvia and Lithuania. The Swedbank group purchased a holding of 100% of Hansabank in spring 2005.