Sweden’s Nordea bank may be pulling out of Baltics

DELFI / Mindaugas Ažušilis

One of the biggest Scandinavian banking groups is reported to be negotiating a deal with potential buyers. The Estonian paper says an agreement could be reached in the nearest future.

The potential buyers mentioned by the media include Estonia’s LHV and the UK’s HSBC, which does not have any branches in the Baltic states.

Nordea and LHV head Erkki Raasuke have refused to comment.

Nordea’s profit in the Baltic states totalled €91 million last year, err.ee reports, which is three times more than the bank made in the preceding year. Nordea’s Baltic business is worth an estimated €1 billion.

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