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Lithuanian financial firm Orion Securities is taking over Danske Bank's investment portfolio in Estonia as of Friday.
Danske Bank
Danske Bank
© Reuters / Scanpix

"We are an active player in the capital market and believe that by taking over part of Danske Bank's investment portfolio, we will provide added values to their clients and offer new investment solutions," Aliuks Jakubelis, director of Orion Securities, said in a statement.

"They were selling that part of their business. (…) The bank has clients with investment portfolios, shares, securities, and these are their capital market clients, so this is the whole part we have acquired," Jakubelis specified during a conversation with BNS Lithuania.

Danske Bank said the bank has to discontinue all services in Estonia, therefore, all portfolios have to be sold or handed over. According to the bank, the agreement with Orion Securities was signed on Aug 20.

Estonia's financial watchdog banned Danske Bank activity in Estonia in February.

Operations worth 200 billion euros were carried out at Danske Bank's Estonian branch in 2007-2015, with many of them deems suspicious. That led to money laundering investigations in Denmark, Estonia, France, the UK and the US.

It was reported in August that business client's loan contracts at Danske Bank will be transferred to the Lithuanian branch.

BNS
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