MeritaNordbanken expands in Latvia and Lithuania

MeritaNordbanken expands in Latvia and Lithuania The MeritaNordbanken Group is purchasing the Latvian and Lithuanian operations of the French bank Société Générale. These comprise a branch in Riga, Latvia, with approximately 60 staff, and a branch in Vilnius, Lithuania with approximately 20 employees. The growing economies of the Baltic states and Poland are part of the MeritaNordbanken Group's home market. We are now equipped to offer households and companies - both locally and in the Nordic countries - a full spectrum of banking services in this area through our own network in Estonia, Latvia and Lithuania and, through a 50 per cent holding in Bank Komunalny in Gdynia, also in Poland. "This acquisition doubles our business volume in Latvia and enables us to establish an instant branch-level presence in Lithuania", says Thomas Neckmar, head of MeritaNordbanken's Regional Bank, Baltic states and Poland. "The range of services provided by the Latvian and Lithuanian units will later be complemented by internet and telephone banking facilities." "This is another step towards our goal of becoming the leading provider of banking services in the Nordic and Baltic region. Minor acquisitions in the Baltic region may be considered also in the future, although we are aiming mainly at organic growth." The acquisitions in Latvia and Lithuania are subject to regulatory approval. The transfer of ownership is scheduled to take place on March 31, 2000. Further information: Thomas Neckmar, Head of the Regional Bank, Baltic states and Poland, Tel. +46 8 614 79 30, +46 708 67 34 12 Erik Evrén, Press Relations Manager, Tel. +46 8 614 86 11 Lauri Peltola, Press Relations Manager, Tel. +358 9 165 42324 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/01/11/20000111BIT00490/bit0001.doc http://www.bit.se/bitonline/2000/01/11/20000111BIT00490/bit0002.pdf