Swedish bank Handelsbanken is planning to make 800 redundancies in a bid to boost balance sheet and improve operational efficiency.

The latest decision follows its CEO Carina Akerstrom’s July announcement when she indicated that an on-going review of the bank’s operations may result in job losses, according to Reuters.

Besides job cuts, the Swedish bank will also shut down its banking business in Asia and Germany, as part of its restructuring programme.

The layoff of employees as well as consultants and closure of businesses in Asia and Germany is expected to help the bank save approximately SEK1.5bn ($156.2m) per annum.

Instead, the bank will now focus on expanding its footprint in Nordic markets, the Netherlands and the UK with an aim to further strengthen its mortgage lending and services for SMEs, noted Reuters.

According to the publication, Handelsbanken will make two-thirds of the cost cuts by the end of next year while the final third will be done in 2022.

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To offset the job cut, the bank has been gradually investing in technology upgrades.

In September, Handelsbanken awarded a three-year contract to the UK-based payment solutions provider TALL Group of Companies for the provision of cheque books.

Established in 1871, Handelsbanken manages a network of 400 branches across Sweden and serves companies, private individuals, and financial institutions.