Danske Bank sells accounts as part of Estonian exodus – The Post

Danske Bank sells accounts as part of Estonian exodus

LHV Pank snaps up 10,800 customers

How much did they know? And when? (photo: Finn Årup Nielsen)
June 3rd, 2019 2:17 pm| by Arushi Rajput

Danske Bank has ceased all its operations in Estonia and sold all of the accounts to Estonia-based LHV Pank.

The estimated value of the private customer accounts has been estimated to be 3.1 billion kroner, according to LHV.

The number of accounts has been reported to be about 10,800 – corresponding to approximately 3.5 billion kroner’s worth of loans, which are mainly mortgage loans.

The official deal between LHV Pank and Danske Bank is expected to be closed on June 5 and in motion by the second half of 2019.

Danske Bank paying the price
An estimated 1.5 trillion kroner was laundered in the Estonian branch of Danske Bank between 2007 and 2015.

In February, Estonia’s financial authorities ordered Danske Bank to shut down its branches in Estonia.

This followed the departure of Danske Bank chief executive Thomas F Borgen in September.

Earlier this year, the bank revealed its intention to wind up all of its operations in Russia and the Baltics.

READ MORE: Danske Bank out of Russia and the Baltics