Merger of SEB Banks in the Baltics

The SEB is merging its banks in the Baltic countries to simplify the organisational structure, manage processes more efficiently, introduce customer solutions more quickly and ensure consistent service standards across the Baltic countries. 

By changing its legal structure, the SEB will be able to combine the strengths of its three banks in the Baltic countries.

With a consolidated balance sheet at the Baltic level, SEB will be able to further increase its financing capacity. 

The merger is mainly a legal change, so customers will not notice a difference. The bank‘s daily operations and customer service will continue as usual. Account numbers, cards, access to internet bank and mobile app will remain unchanged, existing agreements with the bank remain valid and all banking services continue as usual. 

From 1 January 2027, SEB banks in Lithuania, Latvia and Estonia will be merged into a single legal entity. AB SEB bankas and AS SEB Banka will be merged into AS SEB Pank. The merged bank, registered in Estonia, will continue operating under the name SEB Bank AS.

The merger is expected to be completed on 1 January 2027, once it has been registered in the Estonian Commercial Register. Following the merger, all assets, rights and obligations of AB SEB bankas will be transferred to SEB Bank AS.

Customers will continue to be served in their respective countries – Lithuania, Latvia and Estonia. While the head office will be in Estonia, customers will continue to be served by local branches:

• in Lithuania by SEB Bank AS Lietuvos filialas
• in Latvia by SEB Bank AS Latvijas filiāle

• In Lithuania – SEB Bank AS Lietuvos filialas
• In Latvia – SEB Bank AS Latvijas filiāle
• In Estonia – SEB Bank AS

Yes. Although the banks will merge into one legal entity, the customers will continue to be served locally in Estonia, Latvia and Lithuania as usual. While the head office will be in Estonia, the bank will continue serving clients through the local branches in Lithuania and Latvia.

In all three Baltic countries SEB bank requisites will change. These are new requisites:

Lithuania

SEB Bank AS Lietuvos filialas

• Registration number: 307985639
• VAT registration number LT100020747619
• Taxpayer Identification Number: 9006150816

Latvia

SEB Bank AS Latvijas filiāle

• Registration number: 40203752520
• VAT registration number: LV40203752520  

Estonia  

SEB Bank AS  

• Registration number: 10004252
• VAT registration number: EE100244258 

Yes. The customers’ existing agreements will continue with SEB Bank AS from 1 January 2027 and will remain valid after the merger.

No. Account numbers, cards, access to internet bank and mobile app will remain unchanged, existing agreements with the bank remain valid and all banking services continue as usual.

No. All payment accounts (IBAN numbers) will stay the same.

No. The merger will not result in any changes to fees or interest rates. The terms agreed with customers before the merger will remain unchanged.

No. Customers’ loan and leasing agreements with the bank will remain valid on the same terms (including interest rates, etc.), and payments will continue to be debited automatically.

After the merger, SEB Bank AS will become the owner of the vehicles financed through leasing. No action is required from customers at this time. If customers are required to take any action as a result of this change, the bank will inform them separately in advance.

After the merger, the Estonian Guarantee Fund (Tagatisfond) will protect the deposits of customers of SEB Bank AS Lietuvos filialas. The Fund protects eligible deposits in the event of the bank’s insolvency. The terms and conditions of deposit protection provided by the Estonian Guarantee Fund are governed by Estonian law.

The standard protection amount for eligible deposits will remain unchanged – up to EUR 100,000 per depositor;

You can find the terms and conditions of the protection on our website:  

• Deposit insurance terms and conditions

Both Lithuanian and Estonian deposit guarantee schemes are based on the EU Directive 2014/49/EU on deposit guarantee schemes.   

After the merger, Estonian Guarantee Fund (Tagatisfond) together with Lithuanian state enterprise Deposit and Investment Insurance will provide investment protection of customers of SEB Bank AS Lietuvos filialas. These guarantee schemes will protect eligible liabilities to investors in the event of the bank’s insolvency. Eligible liabilities to investors will be defined by Estonian law.

The protection amounts for eligible liabilities to investors will remain unchanged – up to EUR 22,000 per investor.

Liabilities to investors of up to EUR 20,000 will be protected by the Estonian Guarantee Fund, while the Lithuanian state enterprise Deposit and Investment Insurance will provide additional investment protection of up to EUR 2,000.

You can find the terms and conditions of the protection on our website:

• Terms and conditions of insurance for obligations to investors

Both Lithuanian and Estonian investment guarantee schemes are based on the EU Directive 97/9/EC on investor-compensation schemes.  

The deposit protection amount for eligible deposits will remain unchanged. The standard deposit protection amount will continue to be up to EUR 100,000 per depositor.

Deposits will continue to be protected by the Estonian Guarantee Fund (Tagatisfond) in accordance with the terms and conditions established by Estonian law. You can find the terms and conditions of the protection on our website:

• Deposit insurance terms and conditions

If a customer does not agree with the merger of the banks, they have the right, until 1 February 2027, to withdraw their eligible deposits, including accrued interest, or transfer them to another credit institution in accordance with the conditions established by law.

Before doing so, the customer must notify the bank by sending a message through the Internet Bank or by visiting a bank branch.

Yes. The SEB Group applies consistent risk management, security, compliance and internal control standards across all Baltic countries. Following the merger, the principles for customer service and the safeguarding of customers’ funds will remain at the same high level as they are today.

No. Personal data will continue to be processed with the same level of care, security and protection and in accordance with applicable data protection laws. Following the merger, SEB Bank AS will become the data controller responsible for personal data processing.

No. At the moment no action is required. The customer does not have to sign any new agreements, because they will automatically continue with SEB Bank AS. We will contact leasing customers separately and provide detailed information, if any action is needed after the merger.

Yes. Following the merger, the legal owner of vehicles financed through SEB leasing will change to SEB Bank AS.

Yes. The customer’s current insurance policy will remain valid, and no immediate action is required. When renewing the insurance policy after the merger, the customer should ensure that the beneficiary named in the policy is updated to SEB Bank AS. Additional guidance will be provided before renewal becomes relevant.

The General Rules have been updated to reflect changes to the service provider’s name, details, and deposit guarantee scheme. Several technical and editorial amendments have also been made.

Most of these changes will not affect how customers use the services.

According to the updated Internet bank Terms and Conditions (PDF) we may terminate the internet bank agreement without prior notice to you if:

• all your payment accounts with the Bank have been closed;
• you have not logged in to Internet bank for 12 months or more;
• you are not a User;
• you do not have any agreements with the Bank or SEB Group companies.

Updated E-commerce Payment Services Rules will:

• require merchants to inform the bank if gift cards are sold at their business locations, as this activity is subject to specific risk management requirements;
• clarify that merchants are responsible for obtaining and maintaining all licences, permits, and authorisations required for their business activities;
• set claim submission period of up to 45 days.  

Updated Terms and Conditions for Card Acquiring Agreement will:

• require merchants to inform the bank if gift cards are sold at their business locations, as this activity is subject to specific risk management requirements.

If the client does not agree with the above changes to the General Rules or the Terms and Conditions for the Internet Bank, they have the right to terminate the Framework agreement without paying any commission until January 1, 2027. They can do so by informing us via the internet bank or visiting a branch (please register in advance).

If we do not receive a message from the client by this date stating that they do not agree with the changes, we will assume that they have accepted the changes.