Swedbank has been given the go-ahead by Lithuania’s Competition Council to take over the retail banking business of Danske Bank in Lithuania.
Swedbank
© DELFI / Kiril Čachovskij

The Competition Council said that the acquisition would not adversely affect competition in the Lithuanian retail banking market.

“After an evaluation of the transaction-related circumstances, the Competition Council found that the concentration will not create or strengthen a dominant position or a significant lessening of competition in the relevant markets, since the specific Danske Bank Lithuania Branch assets in relevant markets cannot be considered significant,” said the authority.

All bank accounts, mortgage and consumer loans, leasing, deposits and securities will be transferred automatically to Swedbank from Danske Bank with customers only needing to get in contact with Swedbank for online banking access codes and for issue of new payment cards.

The Danske Bank agreement to sell its retail business to Swedbank in Latvia and Lithuania was sealed last September and the value of the transaction has not been disclosed.

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