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The three banks were – Swedbank, SEB Group and Luminor, all three with Scandianvian roots. [2] The largest banks and financial institutions in Lithuania, Latvia and Estonia are largely the same and mostly dominated by Swedish companies. [3] [4] [5]
In 2001, a deal to merge Swedbank (then FSB) with SEB failed as the European Commission thought that the merged company would have had too dominant a position in the Swedish banking market. Today, Swedbank has 7 million private customers and 555 000 corporate customers. Swedbank is the largest bank in both Estonia and Latvia. [7]
Latvia's four largest banks are Swedbank, SEB Group, Citadele Banka and Luminor. [2] In 2023, Swedish Swedbank and SEB Group held more than half of Latvia's banking market. [3] [4] The largest banks and financial institutions in Lithuania, Latvia and Estonia are largely the same and mostly dominated by Swedish companies. [5] [6] [7]
BankID is an electronic identification system in Sweden.With a usage rate of 94% among smartphone users, it is the single largest such service in Sweden by a large margin, and is administered by Finansiell ID-Teknik BID AB that is owned by several Swedish and Scandinavian banks.
SEB is one of the largest banks in Estonia, Latvia, and Lithuania, where Swedbank, another of Sweden's big four banks, is amongst its primary rivals. The SEB Group also has operations in most other Nordic countries , as well as larger foreign markets like Germany and the United Kingdom .
Nowadays, its main rivals in the Latvian banking market are Swedbank, Luminor and Citadele bank. [2] SEB banka has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank. [3] [4]
In December 2007, the company was headed by a new foreign investor from the Swedbank Group and the bank was renamed as Swedbank Invest. [8] [9] In 2009, the form of ownership and the name of the bank was changed to PJSC Swedbank. [10] [11] In 2013, the Swedbank Group decided to exit the financial market of Ukraine.
Bankgirot is a proprietary clearing system (a giro) in Sweden used for transactions such as bill payments. It is owned by multiple Swedish banking conglomerates. The clearing system is connected with the banks enabling payments to be received directly