The transaction covers personal accounts, loans, deposits, payment cards and securities. At this stage documents will be submitted to the Competition Council, as well as the respective institutions in Latvia to obtain approval to the transaction.
After receipt of the approval transfer of the services is expected in Q1 2016. The service transfer will affect around 120,000 private Danske Bank customers in Lithuania and 7,000 customers in Latvia. The size of the loan portfolio, subject to this transfer, is approximately 525 MEUR in Lithuania and 116 MEUR in Latvia.
TGS Baltic provided all legal services throughout the process and participated in drafting of and assisted in negotiations on all the necessary transaction documentation relevant to the completion of the project.
Swedbank has over 7 million retail customers and around 600 000 corporate customers and organisations with 296 branches in Sweden and 149 branches in the Baltic countries. The group is also present in other Nordic countries, the US and China.
TGS Baltic team in Lithuania was led by Partners Marius Matonis and Vilius Bernatonis, Associate Partner Dalia Tamašauskaitė-Žilienė and Associate Giedrius Svidras; on competition matters by Partner, Head of the Competition practice group, Lina Darulienė and Senior Associate Rasa Zaščiurinskaitė; in Latvia by Partner, Head of the Banking & Finance practice group, Inese Hazenfusa and Associate Liene Šķiņķe.