The liquidation of the Danske Bank A/S Estonian branch has started

01/10/2019

Danske Bank A/S started the liquidation of its Estonian branch from 1 October 2019.

Finantsinspektsioon issued a precept on 19 February this year requiring Danske Bank to end the activities of its branch in Estonia. The bank has been complied correctly with the precept issued by the supervisor so far and the majority of its client contracts have been handed over as required.

Initiating the liquidation proceedings for the branch is the next step in ending its operations in Estonia completely. The majority of the remaining clients of the bank will be handed over to LHV Bank and to the Lithuanian branch of Danske Bank. Those transferring to the Lithuanian branch will by requirement of Finantsinspektsioon be subject to Estonian law and the clients will be served in Estonian.

Danske is transferring around 11,000 client portfolios to LHV. Transferring the data of these clients correctly requires the bank taking them on to have additional IT solutions installed. In consequence, Finantsinspektsioon has extended the right of Danske bank to make payments through its branch in Estonia until 31 December 2019. The branch of Danske bank may not take on new clients and is actually in the process of ending its activities. Danske Bank and LHV Pank must provide ongoing information on the transfer of the client portfolios, and clear indications about their future activities.

More news

1503.24

Scam emails are being sent out in the name of Finantsinspektsioon

Scam emails are being sent out in the name of Kilvar Kessler, head of Finantsinspektsioon, from an address ending @ee-fi.com. The emails are frauds, and Finantsinspektsioon urges people to be vigilant and not to open such emails.

0403.24

There have been problems with access to everyday banking services says Kilvar Kessler

Basic payment services should be available even if providing those services does not bring significant income to the banks said chair of the Finantsinspektsioon board Kilvar Kessler today at an information seminar organised for banks and bank branches.

0403.24

Kilvar Kessler tells a conference that Finantsinspektsioon is increasing the resilience of the financial sector

Tensions in international relations have led Finantsinspektsioon to pay more attention than previously to the operation of vital financial services during a crisis said chair of the Finantsinspektsioon board Kilvar Kessler at a conference on economic security on Tuesday.

0403.24

Finantsinspektsioon issued a precept to Saare Finants OÜ

Finantsinspektsioon issued a precept to Saare Finants OÜ on 12 February requiring it to submit its annual financial reports for 2019-2022 to Finantsinspektsioon.