Swedbank pays extra €100 million to state coffers (2)
Swedish-owned Swedbank has decided to take out 400 million euros of extra dividends from its Estonian sub-group. This will generate 100 million euros in corporate income tax for Estonia.
Swedbank’s Estonian sub-group is today very well capitalised following a long period of solid profitability. Hence the decision to take out some of the accumulated profits, said Robert Kitt, CEO of Swedbank Estonia.
Back in 2013, Swedbank paid 12.6 million euros of corporate income tax in Estonia.
In 2014, the bank changed its dividend policy, seeing to it that 60 percent of accumulated profits of its Baltic subsidiaries will be annually paid out to shareholders. Last year, 28.5 million euros was paid to the state coffers as a result.