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These are – Swedbank, Revolut, SEB bankas, Luminor, and Šiaulių bankas. Majority of the market historically has been dominated by branches of the Scandinavian majors. [2] The largest banks and financial institutions in Lithuania, Latvia and Estonia are largely the same and mostly dominated by same 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]
In 2005 Swedbank made a buy-out offer to the minority shareholders and as of today Hansabank is a fully owned subsidiary of Swedbank Group. In July 1999, Hansabank's Lithuanian subsidiary Hansabankas opened its doors to clients in Vilnius, adding commercial banking to the services provided by Hansabank Group in Lithuania.
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.
SEB is the largest Swedish bank by both market capitalisation [3] and total assets. [ 4 ] The SEB Group traces its origins to the Stockholms Enskilda Bank and Skandinaviska Banken, established in 1856 and 1864 respectively.
Gitanas Nausėda (/ ɡ ɪ ˈ t ɑː n ə s n aʊ ˈ s ɛ d ə /; Lithuanian: [ɡʲɪˈtˠɐnˠɐs nˠɐʊˈsʲeːdˠɐ]; born 19 May 1964) is a Lithuanian politician, economist, and banker who is serving as the ninth and incumbent president of Lithuania since 2019.