Siauliu bankas and Danske Bank completed the transaction on the acquisition of the private customers credit portfolio

Siauliu bankas announces, that the acquisition of Danske Bank A/S Lithuania branch private customers credit portfolio has been completed. The major part of the portfolio consists of housing loans, therefore the housing loan portfolio of Siauliu bankas has increased to 3.2 percent of the market share.

Siauliu bankas started increasing its activity in the housing lending market back in 2019, when new automated processes were introduced, the team of employees was strengthened and competitive credit conditions were offered to customers.

„Despite the challenging economic situation due to COVID-19, we have successfully completed the portfolio takeover and further strengthened our positions in lending to private customers. The acquired housing loan portfolio is of particular importance to Siauliu bankas, because it has more than doubled our total housing loans portfolio. Although we started active operations in this segment only last year, we already became a competitive player in the mortgage market “, - says Vytautas Sinius, Head of Administration in Siauliu bankas.

Aside from housing loans, the portfolio transferred from Danske Bank to Siauliu bankas consists of consumer loans and leasing. The terms of the credit agreements remain unchanged after the transfer. Customers were notified of the transfer procedures in a separate notice. The Bank paid EUR 108 million for the acquired loan portfolio.

“We’re pleased that we found a good solution for our customers and managed to close this transaction as planned, despite the challenging COVID-19 situation”, - says Frederik Bjørn, Head of the Baltics and Russia, Danske Bank.

In February 2019, Danske Bank A/S announced the decision to close down its banking activities in the Baltic States, maintaining the presence of the Shared Services Centres in Lithuania.