ECB Approves SEB Merger of Baltic Subsidiaries

22/05/2026

The European Central Bank has given permission for SEB to merge its Estonian, Latvian and Lithuanian subsidiaries into a single legal entity to be named SEB Bank AS. Operations in Latvia and Lithuania will be continued by branches of the bank. The merger of the banks will be completed in early 2027. SEB Group is one of the biggest banking groups in the Nordic and Baltic countries, and the merged SEB Baltic bank will be the largest credit institution in Estonia. “This decision shows confidence in Estonia’s financial sector and business environment”, said Kerstin Pilt , Chair of the Management Board of Finantsinspektsioon. “At the same time, the role of Finantsinspektsioon will increase in cooperation with the European Central Bank and the Latvian and Lithuanian supervisory authorities in the supervision of SEB’s Baltic operations.” Within the Single Supervisory Mechanism, the Latvian and Lithuanian supervisory authorities will remain involved in the supervision of SEB after the merger. The local supervisory authorities in each country will remain responsible for combating money laundering and for supervising financial services.