SEB banks in the Baltics to merge into a single legal entity from 1 January 2027
From 1 January 2027, SEB group's banks in Latvia, Lithuania and Estonia will operate as one legal entity, “SEB Bank”. Everyday services and existing contracts will stay unchanged, but deposit protection will move to Estonia's scheme.
The Latvian, Lithuanian and Estonian banks of the SEB group will operate as a single legal entity named “SEB Bank” from 1 January 2027. According to SEB banka, the Latvian unit, customers' everyday banking will not change: accounts, payment cards, loans, internet banking and the mobile app will remain available as usual, and all existing contracts will stay in force.
What changes for customers
All rights, obligations and services of the current banks will transfer automatically to “SEB Bank”. In Latvia, customers will be served by the Latvian branch of SEB Bank. The merged bank's head office will be in Estonia, while Latvia and Lithuania will be represented by branches.
Ieva Tetere, head of SEB banka in Latvia, says the merger mainly means a change in the bank's legal structure for customers. She adds that pooling capital, staff expertise and resources across the Baltics will give the banks more capacity to finance large, long-term business projects.
The bank will inform private and business customers individually. Most will not need to take any action, and those who do will receive detailed instructions.
Deposit protection
From 1 January 2027, protection of deposits and investments, currently provided by the Latvian and Lithuanian schemes, will be taken over by Estonia's Guarantee Fund (“Tagatisfond”). Deposits and investments will be protected under Estonian law and European Union directives.
Fraud warning
The bank notes that fraudsters often exploit periods of change to impersonate financial institutions, so fraudulent emails, text messages and phone calls may become more frequent as the merger date nears. Customers may be asked to update personal data, confirm account details or log in to internet banking via a link. SEB banka says it never asks for internet banking credentials, PIN codes, Smart-ID codes or card details, and does not send internet banking links by email. Suspicious messages should be checked through official SEB channels.
Background
In May this year the SEB group received approval from the European Central Bank for the cross-border merger in the Baltics. By total assets, SEB banka is the second-largest bank in Latvia. In 2025 the group made a profit of 85.9 million euros in Latvia, 39.4% less than in 2024.
