Swedbank Group’s OAO Swedbank will keep cutting back on its retail operations in Russia in order to concentrate on the services rendered to business customers based in Scandinavia, the bank’s new Chairwoman of the Board Elena Lozovaya said to RBC daily.

‘The bank will be going through a transition period until the year 2012. Our main future focus will be providing services to the business customers on Swedbank Group’s ‘home’ markets,’ the executive explained.

OAO Swedbank already stopped offering term deposits, bank cards, and individual safety vaults to private customers on October 1, 2010.