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Swedbank to buy Danske Bank’s retail business in Lithuania and Latvia

Staff writer ▼ | September 26, 2015
Swedbank strengthens its footprint in the Baltics by an agreement with Danske Bank to acquire its retail banking business in Lithuania and Latvia.
Acquisition   Swedbank is expanding in the Baltics
The acquisition affects around 120,000 private customers in Lithuania with approximately EUR 525m of loans and 7,000 private customers in Latvia with approximately EUR 116m of loans.

"I welcome all new customers and feel confident that they will appreciate Swedbank’s availability and wide range of digital services. We aim to make them as satisfied as the rest of our Baltic customers," says Priit Perens, Head of Baltic Banking, Swedbank.

The transaction is subject to approval from the regulatory authorities in both Lithuania and Latvia, and will become effective once approved in both countries. The acquisition is targeted for closing in the first quarter of 2016.