Leading commercial banks Swedbank and SEB have not allowed bank transfers to or from Russia for some time, while LHV has been accepting some incoming payments but is planning additional restrictions. No EU sanctions package includes a ban on bank transfers. The initiative is that of the banks whose reasons for doing so are similar.…
The ICC International Court of Arbitration has refused to hear a lawsuit filed by Russia’s Fund for Protection of Investors’ Rights in Foreign States against Lithuania on more than 1 billion euros in damages over the nationalisation of the Snoras bank. The bank collapsed in 2011 and the Lithuanian government nationalised its shares from its…
Estonia’s two largest retail banks, Swedbank and SEB, are increasing the prices of their in-branch services. The cost for customers completing a bank transfer at a Swedbank or SEB branch will soon rise to EUR 5. When asked if the price increases were a result of the current market situation, Tarmo Sulla, Swedbank’s head of…
The Finance and Capital Market Commission (FKTK) has permitted the merge of Signet Bank and Expobank, as confirmed by the commission. The Council of FKTK permitted the acquisition of Signet Bank’s shares by Expobank. This means as of July 11, operations of both banks are united in a single institution. From now on all operations…
Revolut Bank has received permission to increase its authorized capital from 5.5 million euros to 36.8 million euros, the central Bank of Lithuania reports. The central bank’s Financial Market Supervision Committee made the decision after assessing the application and the information submitted by Revolut Bank, allowing the company to register the amendment to the bank’s…
The insolvency administrator of Lithuania’s bankrupt bank Snoras and Swiss bank Julius Baer & Co. Ltd amicably settled a legal dispute over the financial transactions made by Snoras’ former executives and shareholders when they transferred large amounts of money to foreign banks. Under the signed agreement, Julius Baer & Co Ltd will pay 105 million…
Georgia’s banking sector has been “at the forefront” of implementing good corporate governance practices and helping to strengthen the country’s economic and financial development, says a new report by a joint World Bank-International Monetary Fund programme. Produced as part of the programme of Reports on Observance of Standards and Codes, with the assistance of the…