OREANDA-NEWS. January 31, 2013. The migration of Hipoteku Banka's commercial arm customers to Swedbank has been successful. As part of selling the bank’s commercial arm, more than 70 thousand customer accounts have been moved from Hipoteku Banka to Swedbank, 95% of which were personal accounts and 5% - corporate accounts. Due to the sale of the bank’s commercial arm, which started in July, tens of thousands of customers had swapped over their services to Swedbank already during the preceding months, reported the press-centre of Swedbank.

Customer deposits, or liabilities to customers, worth LVL 147.7m have been assigned by Hipoteku Banka to Swedbank. Also, Swedbank has taken seven thousand commercial loans worth LVL 86.5m from Hipoteku Banka. Swedbank will continue providing the deposit and loan services on the terms of contracts signed with Hipoteku Banka.

Maris Mancinskis, Chairperson of the Board, Swedbank Latvia: “It is with a strong sense of responsibility and caring that Swedbank takes over the serving of Hipoteku Banka customers. We stand assured that we will be able to deliver high-quality daily banking services, safety of savings, and responsible lending.

One significant stage in this process has been completed and the next one is just around the corner. Therefore, I wish to thank the customers and also all the employees in both banks who were involved in this process. On behalf of Swedbank, I would like to highlight the professionalism and the responsible attitude of Hipoteku Banka employees throughout the entire project.”

Rolands Panko, Chairperson of the Board, Hipoteku Banka: “This successfully concludes a significant step in the process of selling the commercial arm of the bank. Importantly, the customers of Hipoteku Banka’s commercial arm will continue to enjoy all the necessary services at a safe and solid bank – Swedbank. Hipoteku Banka, on the other hand, will be able to fully focus on implementing state-support programmes, providing vital support to businesses all over Latvia.

This also means complying with the Latvian government’s decision and the international obligations to European Commission which require Hipoteku Banka to gradually cease its commercial activities by the end of 2013. Talks between SEB Enskilda, the consultant in the sale of the bank’s commercial arm, and the potential buyers of the remaining commercial activities are in progress and, expectedly, the sale of these will take place during the first quarter of the next year.

At the same time, I would like to thank those of our bank's customers, who have now become clients of the private banking sector, for doing business with us to date and for their trust in Hipoteku Banka.”