Riga - Swedbank, the Swedish bank which is the largest financial institution operating in the Baltic states, announced losses of 106 million euros (138 million dollars) across the recession-hit region Thursday for the first quarter of 2009. Swedbank's losses amounted to 52 million euros in Latvia, 47 million euros in Lithuania and 7 million euros in Estonia, according to figures released by the bank.
Erkki Raasuke, Swedbank's chief financial officer in Latvia said the losses would not make the bank pack its bags and leave the region.