Swedbank's deal with Danske Bank on taking over the latter's retail banking services might put the Swedish bank into a dominant market position and therefore will need to be signed off by the Competition Council, a lawyer says. Still, there should be no trouble securing the competition watchdog's approval, the business daily Verslo Žinios reports.
Swedbank
© DELFI / Kiril Čachovskij

"Although Swedbank's share in certain service markets does or will, after the takeover, exceed the legal presumption of the dominant position, i.e., 40%, this concentration can still be green-lit without additional obligations from Swedbank," according to Daivis Švirinas, a partner at the Sorainen legal firm.

Danske Bank recently announced it would no longer be offering retail banking services in Lithuania and would hand over its private clients and their assets to Swedbank.

Swedbank already commands sizeable market shares in banking services like money transfers, paying cards, direct debit and others, according to Švirinas. It is likely that in some of them the Swedish bank's market share exceeds 40%, he added.

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