Swedish lender Swedbank has received the green light from the Competition Council to acquire Danske Bank’s Latvia retail banking business.
The deal has also secured the nod of the Finance and Capital Market Commission of Latvia.
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The deal to sell Danske Bank’s retail banking businesses in Lithuania and Latvia to Swedbank was agreed to in September this year.
The transaction, which is now subject to approval by Lithuanian supervisory institutions, covers bank accounts, loans, deposits, payment cards and securities of retail customers.
The takeover of operations is projected to impact about 7,000 Danske Bank retail customers in Latvia and 120,000 in Lithuania, leading to the migration of EUR116m of customer loans in Latvia and EUR525m in Lithuania.
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