The Swedish bank says the move is "a natural consequence of changed customer behavior and needs, as fewer customers use branch offices and instead want complete banking services available over digital channels".

The restructuring, to take effect in January, will devolve responsibility for retail banking to the six Swedish regions, dissolving the national organisational structure. Swedbank's branch offices will gain more freedom to adjust their offerings to meet local requirements and service customers with greater advisory needs.

The bank, which has set itself a target to reduce underlying costs by Skr1 billion by year-end, currently has 9.5 million private customers and 650,000 corporate customers with 362 branches in Sweden and 222 branches in the Baltic countries.