Eastern European Markets
May 31, 2005

Handelsbanken establishes bank in Russia

Handelsbanken is the first Nordic bank to start up its own banking operations in Russia. The subsidiary bank in Moscow, with equity of EUR 45m and a staff of 25, will open in June. The Russian central bank granted the final banking licence on 25 May 2005. The head of Handelsbanken's Russian operation and the Moscow branch is Raimo Valo. In the past, he established and was head of Handelsbanken's operation in Warsaw, Poland. Handelsbanken has been present in Russia with a representative office in Moscow since 1974.

This year, Handelsbanken will also be opening a representative office in St. Petersburg, which will later become a branch of the bank in Moscow. Markku Vasari will be the head of the unit in St. Petersburg.

Handelsbanken in Russia will be targeting Nordic and British companies which have business in Russia. This market is expanding rapidly, and there are already 1,400 Nordic and British companies represented in the country.

The services which will be offered in Russia are loans, guarantees, foreign exchange and cash management services. The bank will also be working with trade finance.

"Our customers require the same sort of services in Russia as they are offered in their home market, and therefore we are focusing on these," says Raimo Valo.

The branch is located in central Moscow, in the same building as the Stockmann department store. The address is Smolenskaya pl. 3.

The press release can be downloaded from the following link

For further information
Raimo Valo, General Manager, Russia, Tel. +7(095) 961 32 55,
Per Lundberg, Tel. +7(095) 961 32 55 or
Markku Vasari, Tel. +7(812) 103 53 83


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