22 January 2008
SwedBank eyeing Belarus’ banking sector
One of Scandinavia’s biggest banks, SwedBank from Sweden, is mulling over an opportunity of arriving in the Belarusian market. Many of the Bank’s clients, among them are several biggest companies of Sweden, would like to start business in Belarus, Ambassador Extraordinary and Plenipotentiary of the Republic of Belarus to the Kingdom of Sweden Andrei Grinkevich told BelTA. SwedBank is studying the situation in the banking sector of Belarus. The sides are negotiating the variants of cooperation. The diplomat noted that the National Bank of Belarus is ready to receive a SwedBank delegation to discuss possible joint projects. He did not rule out that the visit might take place in Q1 this year. Andrei Grinkevich said that Sweden would like to invest in the Belarusian banking sector. “We are working on encouraging the Swedish banks to come to Belarus,” the ambassador said. According to him, in December 2007 the Swedish fund (SwedFund) invested $1 million to create the Belarusian bank of small business. The shareholders of the new bank also include the International Finance Corporation, European Bank for Reconstruction and Development, Commerzbank AG (Germany), Bank Kfw (Germany), the Netherlands Development Finance Company FMO, ShoreBank International, ShoreCap International (the USA). The aggregate investment at the initial stage will amount to EUR 7-8 million. The shareholders have confirmed the intent to put additional EUR 5 million in two years. The Belarusian bank of small business is expected to start operating in mid 2008. It will provide small loans ranging from $100,000 to $200,000 for four years. A special emphasis will be placed on micro-credits up to $10,000.