Danske Bank is leaving Estonia
Danske Bank announced a liquidation phase in its Estonian business. This step follows the events in February, when the local financial regulator ordered it to close its branch amid a major money laundering scandal.
The corporate loan portfolio will be transferred to Danske Bank Lithuania branch for wind-down
Stocks impacted: Danske Bank A/S DANSKE
The bank confirmed that it has now essentially closed all banking activities in Estonia in accordance with the plan agreed with the Estonian FSA. The corporate loan portfolio will be transferred to Danske Bank Lithuania branch for wind-down. The sale of the retail loan portfolio to a local bank is now unconditional, and the transfer of the loan portfolio will be finalized before end-November 2019. All Danske Bank logos and signs will be removed from the head office building in Tallinn in the coming days. Danske shares look unfazed by the news and are trading 1.6% higher on Tuesday, along with broader European stock markets.
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