Danske Bank closes down Estonian operations

Danske Bank said its Estonian business entered into liquidation on October 1, in a move which had been widely-expected.

Estonia’s financial regulator had ordered Danske Bank to close its Estonian branch, which was at the centre of one of Europe’s largest ever money laundering scandals, in February.

“Danske Bank has now essentially closed all banking activities in Estonia in accordance with the plan agreed with the Estonian financial regulator ,” said Executive Vice President and Chairman of the Liquidation Committee Frederik Bjoern, in a statement.

All Danske Bank logos and signs will be removed from the head office building in Tallinn in the coming days, the bank confirmed.

On September 25, the former CEO of Danske Bank in Estonia, Aivar Rehe, was found dead in the garden of his home near Tallinn, having  committed suicide.

The bank is currently under investigation in several countries including the US, Denmark, the UK and Estonia, for suspicious payments of some 200 billion euros made through the Estonian branch between 2007 and 2015.