Danske Bank to sell Estonian private loans unit to LHV in US$458 million deal

Danske Bank to sell Estonian private loans unit to LHV in US$458 million deal

Danske Bank, which has been embroiled in a major money laundering scandal, has agreed to sell its portfolio of Estonian private loans to LHV Pank in a deal worth 410 million euros (US$458.3 million), LHV said on Monday.

A woman walks past Danske Bank's Estonian branch in Tallinn
A woman walks past Danske Bank's Estonian branch in Tallinn, Estonia January 22, 2019. Picture taken January 22, 2019. REUTERS/Ints Kalnins

COPENHAGEN: Danske Bank, which has been embroiled in a major money laundering scandal, has agreed to sell its portfolio of Estonian private loans to LHV Pank in a deal worth 410 million euros (US$458.3 million), LHV said on Monday.

Danske Bank said last year it had begun closing parts of its Estonian business which has been at the center of an investigation into alleged money laundering and prompted a U.S. criminal investigation.

(This story corrects currency conversion in paragraph one)

(Reporting by Stine Jacobsen; Editing by Stephen Coates)

Source: Reuters

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