Swedbank received permission to take over the retail banking services of Danske Bank in Lithuania and Latvia

23
03 / 16

The Scandinavian financial group Swedbank has received the green light to take over a part of the Latvian and Lithuanian retail banking businesses and a part of the leasing business in Lithuania of Danske Bank, one of the Northern Europe’s leading financial institutions, after respective competition authorities and financial market authorities in both the countries have cleared the transition.

Swedbank has received unconditional permission, therefore, Swedbank is entitled to take over the Danske Bank’s retail business without any additional commitments.

TGS Baltic advises Swedbank in all stages of the transactions, including drafting all necessary transaction documentation, advice on competition issues relevant to the completion of the transaction and representation of the client before the competition authorities in Latvia and Lithuania.

TGS Baltic competition law team in Lithuania was led by Partner Lina Darulienė, Senior Associate Rasa Zaščiurinskaitė and Associate Jūratė Radvilavičiūtė; in Latvia by Partner Inese Hazenfusa, Associate Liene Skinke and Associate Mara Stabulniece.

The respective services transfer will affect around 86,000 private Danske Bank’s customers in Lithuania and 5,500 customers in Latvia (clients of private banking and certain retail services are not included in the scope of the transaction). The size of the loan portfolio, subject to this transfer, is approximately EUR 484 million in Lithuania and EUR 108 million in Latvia.