Swedbank’s takeover of Danske Bank’s retail banking business has been approved by the Lithuanian Competition Council. The price of the deal was not disclosed. However, the loan portfolio totals roughly €484m. The takeover will impact more than 86,000 Danske Bank customers in Lithuania. Gintautas Galvanauskas, CEO of Danske Bank, said the lender will focus on business and private banking. Danske Bank is the second biggest financial group in Northern Europe in terms of assets. Swedbank’s share of the country’s retail banking market was between 30 and 40 percent in the first half of 2015, according to the competition watchdog. Danske Bank held up to 5 percent, while SEB Bankas’ share was between 20 and 30 percent, and DNB Bankas controlled between 10 and 20 percent of the market.
