Danske Bank completes deal with Swedbank in effort to focus on business banking

On Saturday, the Danish Danske Bank and Swedish Swedbank completed the deal they signed at the end of September last year regarding the sale of Lithuanian and Latvian retail banks.

Verslo Žinios reports that the deal covered private client accounts, deposits, loans, payment cards and property documents.

It was announced earlier that more than 86,000 of Danske Bank’s retail bank clients in Lithuania would be transferred to Swedbank. The size of the loan portfolio being transferred in Lithuania equals about €484 million. 7,000 clients are being transferred in Latvia, and that loan portfolio equals a total of €116 million.

The Competition Council confirmed the deal between the two banks in March.

With this move, Danske Bank ended its operations in the retail banking sector. It will now specialise in business and private banking. “We want to become business banking leaders in Lithuania,” Mikael Ericson, a member of the team heading the Danske Bank group, told Verslo Žinios. “This includes small and medium enterprises, larger companies and international corporations,” said Ericson.

Starting at 8:00 on 6 June, former Danske Bank private clients will begin to use Swedbank’s services and will be able to access information about their accounts on Swebank’s website. They will not need to sign new contracts, and the essential conditions of their contracts should not change.

Verslo Žinios

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