From 1 January 2027, SEB banks in Latvia, Lithuania and Estonia will be merged into a single legal entity. We are simplifying our structure so we can operate more flexibly and better respond to our customers’ needs.
Following the bank merger, you will continue using all SEB services as usual. The only change is that your existing agreements with SEB banka will be transferred to SEB Bank AS. Where relevant, we will provide additional information regarding specific products or services.
SEB Baltic banks merger
The merger of AB SEB bankas (Lithuania), AS SEB banka (Latvia) and AS SEB Pank (Estonia) is planned to take effect on 1 January 2027, once the merger has been registered. The merged bank name will be SEB Bank AS, registered in the Estonian Commercial register.
All services, agreements, rights and obligations will automatically transfer to SEB Bank AS and customers will continue to be served through the local branch SEB Bank AS Latvijas filiāle.
Our daily operations and customer service will continue as usual. Your accounts, cards and loans as well as access to internet bank and mobile app remain unchanged, existing agreements remain valid and all banking services continue as usual.
Deposit Guarantees and Investments Protection
After the bank merger, the protection of deposits and investments will be transferred to the Estonian Guarantee Fund (Tagatisfond) and deposits and investments protection requirements will be defined in accordance with Estonian law.
Both Latvian and Estonian guarantee schemes are based on the EU Directive 2014/49/EU on deposit guarantee schemes and Directive 97/9/EC on investor-compensation schemes.
Please find detailed information about protection provided by Estonian Guarantee Fund on our webpage or in documents below:
Basic information about the protection of deposit (PDF)
Basic information about the protection of investments (PDF)
Information regarding the currently applicable documents can be found on our website:
Background information on protection of deposits (PDF)
Information about investments services (PDF)
Personal data processing
We will continue to treat your data with the same high standards of care and security and in accordance with the applicable data protection laws. The only change is that after the merger, SEB Bank AS will become the data controller responsible for data processing in Latvia. For more information, please visit Privacy Policy page on our web site.
For leasing customers name of leased vehicle owner name will change
If you have a vehicle financed through SEB leasing, please note that following the merger and bank’s legal name change, the owner of vehicles financed through leasing will change. Currently no action is required from you – we will contact you individually after the merger to inform about any required actions.
Amendments to General Business terms and conditions
Due to the bank merger, we have changed the legal name to SEB Bank AS Latvijas filiāle in the General Business terms and conditions.
In addition, we have made a few technical and editorial changes to the aforementioned documents that do not affect the way you use our services.
You can find, read and compare all Terms and Conditions on our website
For private customers
For business customers
Amendments to Terms and Conditions for the Internet bank
The updated Internet bank Terms and Conditions will simplify the management of internet bank agreements for customers who are no longer actively using SEB services (e.g. have not logged in for 12 months).
Internet bank agreement and mobile application terms and conditions for private customers
Internet bank agreement terms and conditions for business customers
Changes in merchant services
We are updating the Terms and Conditions of our Merchant Agreement and E-commerce Payment Services. The updated terms will require merchants to inform the bank if gift cards are sold at their business locations, as this activity is subject to specific risk management requirements.
We are also clarifying that merchants are responsible for obtaining and maintaining all licences, permits, and authorisations required for their business activities. In addition, we are setting claim submission period of up to 45 days.
- Terms and conditions of the Payment card acceptance and Payment card acceptance device installation agreement
- Payment cards acceptance on the internet agreement terms and conditions
Next steps
The changes to all of the above documents will enter into force on 1 January 2027 automatically. If you don’t agree with the changes, you have the option to end our contractual relationship until January 1, 2027.
In addition, following the changes of deposit guarantee scheme, customers have the right to transfer their deposits and interest payments on them to another credit institution selected by the depositor or to withdraw their deposits and interest payments on them without commission fee from January 2 till April 2, 2027. If you want to use this right, inform SEB via the internet bank or at a branch (please book a meeting in advance).
Frequently asked questions
About the merger
We want SEB to remain a strong and competitive bank in the future. SEB is merging its banks in the Baltic countries into a single legal entity to simplify its legal structure and combine the strengths of our banks in Estonia, Latvia and Lithuania. This will help us serve customers across the region more effectively.
The merger will not affect the way you use our services.
The merger is primarily a legal change and, for most customers, there will be no noticeable differences. You can continue using your accounts, cards, loans, leasing and other SEB services as before.
Existing agreements will remain valid, and no action is required unless we contact you individually.
The merger will help us support our customers even better, particularly when financing larger and longer-term investments. It will also allow us to introduce new products and solutions faster and adapt them more flexibly to customers’ needs and market expectations.
AB SEB bankas in Lithuania and AS SEB banka in Latvia are planned to merge into AS SEB Pank in Estonia on 1 January 2027, once the merger has been registered in the Estonian Commercial Register. At the same time, AS SEB Pank will change its name to SEB Bank AS.
From the merger date, all rights and obligations of AB SEB bankas and AS SEB banka towards third parties, including customers, will be transferred to SEB Bank AS.
Customers will continue to be served locally in Estonia, Latvia and Lithuania. While the head office will be in Estonia, SEB will retain its local presence and continue serving customers through SEB Bank AS in Estonia and the local branches in Latvia, SEB Bank AS Latvijas filiāle, and Lithuania, SEB Bank AS Lietuvos filialas.
The new legal names will be:
- Estonia: SEB Bank AS
- Latvia: SEB Bank AS Latvijas filiāle
- Lithuania: SEB Bank AS Lietuvos filialas
Yes. Although the banks will merge into one legal entity, you will continue to be served locally in Estonia, Latvia or Lithuania as you are today.
While the head office will be in Estonia, SEB will retain its local presence and continue serving customers through the local branches in Latvia, SEB Bank AS Latvijas filiāle, and Lithuania, SEB Bank AS Lietuvos filialas.
No. The merger does not change SEB’s obligations towards its customers and is not related to any reduction in the bank’s safety or stability.
SEB will continue to operate in accordance with European Union and national regulatory requirements and apply high standards of risk management and capital adequacy.
No. The current merger concerns only SEB’s banking entities in Latvia, Lithuania and Estonia.
SEB Life and Pension already operates as a separate Baltic organisation. The bank merger will not change its legal structure, organisation or business operations, and it will not become part of SEB Bank AS because of the merger.
SEB Life and Pension customers can continue using its services as they do today.
SEB’s legal details will change in the Baltic countries. New registration and VAT registration numbers will apply to the branches in Latvia and Lithuania.
Latvia
SEB Bank AS Latvijas filiāle
Registration number: 40203752520
VAT registration number: LV40203752520
Estonia
SEB Bank AS
Registration number: 10004252
VAT registration number: EE100244258
Lithuania
SEB Bank AS Lietuvos filialas
Registration number: 307985639
VAT registration number: LT100020747619
Taxpayer identification number: 9006150816
Banking services
Yes. Your existing agreements will automatically continue with SEB Bank AS from 1 January 2027 and will remain valid after the merger. You do not need to amend your existing agreements or enter into new ones.
No. Your account numbers, payment cards, login methods and access to the internet bank and mobile app will remain unchanged and continue to work as before.
No. SEB account numbers and IBANs will remain unchanged. You can continue making regular payments to the same account as before.
Your existing loan and leasing agreements will remain valid under the same terms, including the agreed interest rates. Loan and leasing payments will continue automatically.
If you have a leasing agreement, the legal owner of the leased vehicle will change to SEB Bank AS. You do not need to sign a new agreement, as your existing agreement will automatically continue with SEB Bank AS.
We will contact affected customers separately and explain any action that may be required. At this time, no action is required.
No. The merger itself will not change your fees or interest rates. The terms agreed before the merger will remain unchanged.
Deposits, investments and guarantees
Existing deposits and investments will continue as before. SEB will continue to hold customers’ funds and securities in the same way, and you will be able to make transactions as usual.
After the merger, eligible deposits and investments will be protected by the Estonian Guarantee Fund, Tagatisfond. The Guarantee Fund provides protection for eligible deposits and investments if a bank becomes insolvent.
The eligibility requirements for deposit and investment protection will be determined in accordance with Estonian law. The standard deposit protection amount will be up to EUR 100,000 per depositor, while investment protection will be up to EUR 20,000 per investor.
The Lithuanian, Latvian and Estonian guarantee schemes are based on EU Directive 2014/49/EU on deposit guarantee schemes and Directive 97/9/EC on investor-compensation schemes.
The existing Latvian deposit and investor protection arrangements will remain in force until the bank merger takes effect.
After the merger, the Estonian Guarantee Fund, Tagatisfond, will become responsible for protecting the eligible deposits and investments of customers served by SEB branches in Latvia and Lithuania. The protection will continue, but eligibility will be assessed in accordance with applicable Estonian legislation.
No. The maximum deposit protection amount will remain unchanged. Eligible deposits will continue to be protected up to EUR 100,000 per depositor in accordance with the rules of the Estonian Guarantee Fund.
Information about deposit protection and the categories of customers to whom the protection does not apply is available in the Depositor Information Sheet on our website.
After the merger, information about the protection of your deposits and their eligibility will also be available in your account statement in the internet bank.
After the merger, deposits will be protected by the Estonian Guarantee Fund, Tagatisfond. The eligibility requirements for deposit protection will therefore be determined in accordance with Estonian law.
The Lithuanian, Latvian and Estonian deposit guarantee schemes are based on EU Directive 2014/49/EU on deposit guarantee schemes. The European Union requires eligible deposits to be protected up to EUR 100,000. However, national legislation may establish different exclusions for certain categories of depositors. As a result, the protection available to specific categories of legal entities may vary between countries.
SEB is a financially strong bank that applies high standards of risk management, capital adequacy and liquidity across the Baltic countries and is supervised by national and European supervisory authorities. Deposit guarantee protection provides an additional layer of protection.
Following the merger, the principles governing customer service and the safeguarding of customers’ funds will remain at the same high level as they are today.
S&P has upgraded SEB Group’s long-term issuer credit rating to AA-. The decision reflects the bank’s ability to deliver high and stable risk-adjusted profitability and its strong business diversification. SEB is one of twelve commercial banks globally rated AA- or higher by S&P.
Customers whose deposits are covered by the guarantee scheme have the right, subject to the applicable legislation, to withdraw eligible deposits together with accrued interest within the period specified in the merger notification.
Detailed instructions and the applicable deadlines are included in the customer communication.
Investments will be protected under the Estonian investor protection scheme in accordance with EU and national legislation. The maximum investment protection amount will be up to EUR 20,000 per investor. Find more in the Basic information about the protection of investments.
If you do not agree with the changes, you have the right from 2 January 2027 until 2 April 2027 to withdraw your eligible deposits, including accrued interest, or transfer them to another credit institution, subject to the conditions established by law free of charge.
To exercise this right, you must notify SEB in advance by sending a message through the internet bank or by visiting a customer service point.
Customers’ funds are protected through several safeguards, including strict banking regulation and supervision, capital and liquidity requirements, risk management and internal control systems, the deposit guarantee scheme and investor protection schemes.
Together, these safeguards support the bank’s stability and protect customers’ interests.
Yes. SEB applies consistent risk management, security, compliance and internal control standards across all three Baltic countries.
Following the merger, the principles governing customer service and the safeguarding of customers’ funds will remain at the same high level as they are today.
You do not need to take any action because of the merger. Your funds will continue to be held with SEB as they are today.
SEB is a financially strong bank that applies high standards of risk management, capital adequacy and liquidity and is supervised by national and European supervisory authorities. Deposit guarantee protection provides an additional layer of protection, while the security of customers’ funds is primarily supported by the bank’s financial strength, prudent operations and regulatory supervision.
If you do not agree with the new investor protection arrangements, you have the right, but not the obligation, to transfer your financial instruments to another custodian or account operator.
For most private customers and most companies, deposit guarantee protection will remain unchanged.
The changes will affect only certain categories of legal entities whose deposits are not considered eligible under Estonian legislation. These include:
- state and municipal sector entities, such as state forest organisations, agencies and directorates;
- budgetary institutions, such as schools and kindergartens;
- other state and municipal institutions and bodies not covered by the Civil Service Act, such as universities, colleges, hospitals, clinics, research and healthcare centres, museums and libraries;
- certain categories of financial sector entities, such as electronic money institutions, payment institutions and intermediaries.
Personal data
No. Your personal data will continue to be processed with the same level of care, security and protection and in accordance with applicable data protection legislation.
Following the merger, SEB Bank AS will become the data controller responsible for processing personal data in Estonia, Latvia and Lithuania.
For more information, please see SEB’s Privacy Policy page.
Leasing and collateral insurance
No. Currently, no action is required.
We will contact leasing customers separately and provide detailed information if any action is required after the merger.
Yes. Following the merger, the legal owner of vehicles financed through SEB leasing will change to SEB Bank AS.
You do not need to sign a new agreement, as your current leasing agreement will automatically continue with SEB Bank AS. Customers affected by the change will receive individual information and guidance.
Currently, no action is required.
Yes. Your current insurance policy will remain valid, and no immediate action is required.
When renewing the insurance policy after the merger, you should ensure that the beneficiary named in the policy is updated to SEB Bank AS. We will provide additional guidance before any action is required.
Yes. Customers whose financing is secured by insured collateral will be contacted separately. We will provide detailed information about any required updates, re-registration procedures and applicable deadlines.
Changes to terms and conditions
In addition to updates required because of the new legal entity, SEB is making certain technical, editorial and service-related changes to individual terms and conditions.
Most of these changes will not affect the way customers use SEB services.
The updated terms will simplify the management of internet bank agreements for customers who are no longer actively using SEB services, for example, customers who have not logged in to the internet bank for an extended period.
Merchants will be required to notify SEB if they sell gift cards, confirm that they have and maintain all licences, permits and authorisations required for their business activities, and comply with the updated requirements for submitting claims.
These changes support risk management and compliance with regulatory requirements.
Other important information
If you do not agree with the applicable changes to the terms and conditions, price lists or merger-related arrangements, you may have rights under the applicable legislation and your agreements with SEB. These may include the right to terminate specific agreements within the stated deadlines.
The rights available to you may depend on the type of customer, agreement or service. Detailed instructions and the applicable deadlines are included in the official notification sent to you.
