Swedbank Estonia to sell Latvian, Lithuanian subsidiaries to parent company29.06.2011, 09:00
Swedbank, the largest bank in Estonia, announced yesterday that it had decided to change its legal structure in reference to the bank’s three Baltic subsidiaries.
Among others, the company has decided to make Latvian and Lithuanian subsidiaries directly owned by Swedbank AB, like in the case of Swedbank Estonia.
As a consequence, Swedbank in Estonia, the previous parent company of the subsidiaries in Latvia and Lithuania will sell its shares in these to Swedbank AB.
Erkki Raasuke, finance director of Swedbank AB, said that the move will make capital management easier and more efficient in the future.
In connection with the changes, Swedbank in Estonia will pay 243 million euros in dividends that it earned from the operations in Latvia and Lithuania