The European Central Bank has approved the merger of the Estonian, Latvian, and Lithuanian SEB banks into a single legal entity called SEB Bank AS.
The branches of SEB will continue to operate in Latvia and Lithuania.
The merger of the banks will be completed in early 2027. The merged SEB bank will become the largest credit institution registered in Estonia.
"The merger of the three SEB banks in the Baltic countries provides obvious advantages to our business clients, allowing for more efficient financing of large-scale projects, the number of which is growing in the Baltic countries. The new legal structure is also beneficial for SEB's private clients, as the streamlined management system will reduce the time to market for new products and solutions," said Allan Parik, Chairman of the Board of SEB Eesti.
After the merger, the supervisory authorities of Latvia and Lithuania will continue to participate in the oversight of SEB within the framework of the Single Supervisory Mechanism. The responsibility for preventing money laundering and supervising financial services in each of the Baltic countries will still lie with the local supervisory authority.
