Nordea may sell its Baltic business

4/11/2016 9:02 AM
Category: Business

Nordea Bank AB had decided to sell its Baltic branch and was looking for a buyer, business paper Äripäev reported on Monday, quoting several independent sources.

According to information available to Äripäev (link in Estonian), preparations are underway to sell off the Nordic bank’s Baltic branch in the near future. The paper’s sources see Estonia’s LHV Bank or the British HSBC as potential buyers.

Asked for comment, Nordea stated that as a stock quoted company they couldn’t comment on speculations and hearsay.

Nordea’s profit in the Baltic States recently amounted to €91m, which is more than three times as much as they made in the preceding year. The improved reported profits could be an attempt to make the Baltic branch more attractive to a potential buyer. Nordea’s Baltic business is worth an estimated €1bn.

Editor: Dario Cavegn

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