Danske Bank has confirmed that it is planning a gradual exit of the Baltic market, opting to focus, moving forward, exclusively on serving subsidiaries of Nordic customers as well as global corporations with significant presence in the Nordics.
"Our exit from the local business and private banking sector will occur gradually," Danske Bank announced in a press release. "This means that we will no longer open accounts for new local clients."
The bank noted, however, that it would continue providing day-to-day services until further notice.
Going forward, the bank will no logner publish its economic results for the Baltic countries separately; rather, the results of its Baltic branches will be consolidated and reflected in the banking group's financial report.
"This decision is strategically in line with our overall ambitions of focusing on our Nordic customers," Danske Bank International Banking COO and Executive Director Frederik Bjørn said in a press release. "Therefore, we will change our business activities in the Baltics accordingly."
Bjørn said that the bank's service model in the Baltics will be harmonized across borders to be the same as in its German and Polish units, for example.
"This decision will mean that our business volumes will decrease in the Baltics, but these changes will occur gradually, and we will continue to serve our local customers for some time as well as ensure that our existing obligations are fulfilled," he added.
Editor: Aili Vahtla