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Tuesday 24.04.2018 | Name days: Nameda, Visvaldis, Ritvaldis

Danske Bank to transfer private persons servicing business in Latvia and Lithuania to Swedbank

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUDanske Bank has signed agreements with Swedbank in Lithuania and Latvia regarding the bank’s decision to transfer its private persons service business to Swedbank. This agreement includes the transfer of private accounts, loans, deposits, payment cards and securities. Documents detailing the request to provide permission for this agreement will soon be submitted to bank supervisory institutions in Latvia and Lithuania.

At the beginning of 2015, Danske Bank announced its plans to focus its activities in Baltic States purely on servicing corporate clients. With that, the bank intends to gradually leave the private banking segment altogether.

«This agreement allows us to continue the realization of our strategy – becoming a Nordic bank that services the interests of its business clients, even if they carry out their business activities outside the Nordic region,» – notes Lars Stensgaard Mørch, Corporate Client Group Director of Danske Bank. «We wish to expand our activities in the sphere of local and foreign corporate clients by continuously improving the range of our products and gradually introducing modern innovative solutions.»

«Swedbank has a developed infrastructure, powerful resources and a wide range of professional financial solutions, which will provide our clients with banking services of the highest possible quality. This decision confirms that the Baltic market is a home market for Swedbank. We also have long-term business plans in this region,» – says Chairman of Swedbank in Latvia Maris Mancinskis.

Both sides have agreed to provide a smooth transfer of services and all necessary support to the clients affected by this agreement.

It is expected that the transfer of services will be completed in Q1 2016. It will affect approximately 7,000 private clients of Danske Bank in Latvia and 120,000 in Lithuania. The total estimated volume of loans to be carried over to Swedbank is EUR 116,000 million in Latvia and EUR 525 million in Lithuania.

Ref: 102.109.109.6782


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