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Danske Bank closes down its banking activities in the Baltics


2019.02.23 12:00 - 2019-02-23 12:00 Riga
On February 19, 2019 Danske Bank announced that we intend to wind down and close our banking business in Estonia, Latvia and Lithuania. During recent years, we have taken a wide range of initiatives to strengthen the position in our Nordic core markets. Our current strategy further reinforces this focus and we continue to review our footprint outside the Nordics to ensure that we are present in the markets, which matter the most for our customers. Yesterday, the Estonian Financial Supervision Authority (the Estonian FSA) ordered Danske Bank to close down its banking activities in Estonia, following the case of the now-terminated portfolio of non-resident customers in Estonia in the period from 2007 to 2015.

We fully recognise our responsibility of the now-terminated portfolio of non-resident customers, and we will continue our cooperation with the Estonian and other authorities to get to the bottom of the case. In recent years, Danske Bank has stepped up anti-money laundering initiatives considerably, and the indication from the Estonian FSA is not related to any current risks.

Independently of the notification from the Estonian FSA and line with our strategy of focusing on Nordic core markets, we have considered the future of our remaining activities in Latvia and Lithuania. As our value proposition in the Baltics is based on pan-Baltic presence, we have decided to close down our banking activities in all three markets.


We acknowledge the inconveniences caused by our decision and wish to close in a manner supporting you in finding alternative banking arrangements to service your future needs in the four countries in question. We will continue servicing as usual until further arrangements are in place. The duration of the close down period will be individual for each market, however, we expect all our banking activities in the Baltics to be terminated within the next 12 months

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Danish Chamber of Commerce in Latvia, Pils iela 11, Rīga, LV 1050, Latvia;
e-mail: dcc@dcc.lv, ph.: +371 22002977., fax: +371 67167635
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