TBB Bank initiates voluntary liquidation process
With the approval of the Financial Supervision Authority, TBB Bank has begun voluntary termination of operations and liquidation proceedings. The company, which no longer holds a banking license, asserts that it has sufficient funds to meet all obligations to its clients.
A notice published Friday revealed that AS TBB Bank received permission from the Financial Supervision Authority on April 14, effectively ending its license as a credit institution. As a result, the former bank no longer provides financial services.
The company stated that all clients can retrieve their funds from TBB Bank by submitting a relevant application. Transactions are being handled through TBB's account at Coop Bank.
According to a decision by shareholders, TBB Bank's liquidators are Igor Novikov, Ksenia Kravtšenko and Madis Kiisa.
In 2024, LHV Bank acquired part of TBB Bank's — formerly known as Tallinn Business Bank — loan portfolio.
TBB was the oldest active commercial bank in Estonia as of last year. It had around 5,000 clients and held a 0.3 percent market share in Estonia.
In January 2024, the Financial Supervision Authority restricted TBB Bank's operations after identifying serious shortcomings in the bank's efforts to prevent money laundering and terrorist financing. The authority found that the bank's internal rules did not meet regulatory standards, its monitoring of customer relationships was insufficient and it had failed to fulfill its obligation to report suspicious transactions.
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Editor: Marcus Turovski
