The biggest risk is not taking risksOwner of LHV bank Rain Lõhmus says that one needs to always take risks and keep in mind that every venture cannot succeed. The bank is set to continue its expansion in Estonia after its first year on the stock market. Lõhmus referred to the climb of LHV's stock price since May of last year as having exceeded expectations.Estonian news
LHV aiming for wealthier EstoniansEstonian bank LHV is looking to fill the gap left in the home loans market by the recent departure of DNB and Danske by offering loans to Estonians in Tallinn and Tartu.Economy
The ups and downs of Tallinn Stock Exchange«Perhaps cheaper?» said President Lennart Meri over telephone at the festive opening of Tallinn Stock Exchange twenty years ago, about to buy his very first securities.Economy
Three banks for sale in Baltics. Maybe moreTo the knowledge of Postimees, at least three smaller banks operating on the Baltic market have been for sale for years: Nordea, DNB, and Danske. Trouble is, nobody seems to be too interested.Economy
LHV aiming at pensions market topNot satisfied with takeover of Danske pension funds, LHV is seeking to keep increasing market share and use pension funds as bait to get fresh clients for the bank.Economy
LHV pension funds entering the big leagueWith five fund managers currently operating on the pension funds market, it's four soon in all likelihood. To the knowledge of Postimees, Estonian branch of Danske Bank is intending to sell its subsidiary Danske Capital, a pension fund manager. The deal ought to be finalized within a month.Economy
Euro didn't raise the prices after allFive years ago, soon after the retailers said euro would not raise the prices, the statement turned into a joke among the people. Just before the switch, chamber of commerce and industry initiated a campaign aimed at avoiding unsubstantiated rise of prices of goods and services while the euro was being adopted in 2011.Economy
Weekend ahead smells like shopping spree brewingRapid wage rise and prices long level or even lowered have served to feed consuming boom for another year and in high likelihood the weekend to come features frenzied spending in malls and open air Christmas markets.Economy
Client and bank to deal via videoNext year, Estonia emerges as among the first nations on Earth where clients must not trot to bank branches for transactions needing personal identification. A video link will do the job.Economy
Confused, banks erraneously move money of hundreds of thousandsDisorientated by technical problem at partner, several banks in Estonia transferred money to accounts of hundreds of thousands clients without bases or earmarked extra sums.Local News
SEB grants grace period to third of milk producersOver a third of milk producing clients of SEB have applied for grace period regarding loan payments, and some are failing to even pay the interests.Economy
SEB: Estonia hit by housing price bubbleEstonians may enjoy consuming boom till entrepreneurs are able to produce ever more effectively, lift wages and keep unemployment rise in check, says SEB chief Allan Parik, who thinks that while sailing on thin ice in this crisis-smelling world, Estonian businessmen stand on secure foundations and have thus far managed to react correctly to changes in economic environment. Domestic consumption remains solid, unemployment is low, and entrepreneurs are showing strong competitiveness on the weak external markets. No near term solution is to be expected t the differences with Russia, and therefore it makes no sense inserting deals with them into business plans.Economy
SEB makes EUR 41 mln operating profit in Estonia in H1The operating profit of SEB Bank in Estonia in the first six months of this year was 386 million Swedish kronor compared with 353 million kronor in the same period last year; measured in euros operating profit grew 5 percent from to 39 million to 41 million euros.Economy
Big pension funds regain market shareWith LHV pension funds mightily grabbing market share of late, and those of Nordea a bit less mightily, this past year the biggies Swedbank and SEB have started to snatch it back.Economy
Banks suffer initial setbacksFor quite some time, banks have been bemoaning the record-low interest rates. By now, these have begun to show. Yesterday, packaged with last year financial results, Danske Bank in Estonia announced closure of half its branches and lay-off of near 80 of staff – 17 percent of people on payroll. The bank’s profits fell by more than a half to €22.7m.Economy
ECB's stimulus package will have little impact on Estonia - SEBSEB believes that the European Central Bank's quantitative easing package will have little impact on Estonia, with the economic situation in neighboring countries and one-off factors playing a more important part.Economy
Estonian banks most effective in EuropeAt a FinanceEstonia forum last week, Eesti Pank vice president Madis Müller showed a slide where banks operating in Estonia were way more profitable than the rest in eurozone. What’s more, not in eurozone only – in the entire European Union.Economy
Businessmen pull mega wool over banker eyesIn October 2006 SEB entered a good deal, or so it seemed. The bank agreed to lend €18.5m (290 million Estonian kroons) so real estate developers could erect a nice business and parking building in Tallinn city centre.Local News
Price rise triggered by joining EU continuesAccording to analysts trend won’t stop until Estonian prices catch up with European Union average.Economy
Pension funds staff at wage list topAverage salary at Danske Capital is five times the Estonian average, and thrice the average of financial sector.Economy
Future growth hooked to banking unionStalling banking reform undermines competitiveness of eurozone banks and postpones acceleration of economic growth.Economy
Economic indicators in declineIn January, Estonian exports shrink by fifth, imports down 15 per cent.Economy
SEB slashes Estonia's 2013 GDP growth estimate from 3.3 to 1.5 pctSEB in its fresh economic outlook expects the Estonian economy to grow 1.5 percent this year compared with a forecast of 3.3 percent held out in May.Economy
Ulemiste mall borrows EUR 84.5 mln from SEB PankUlemiste Keskus, a large shopping center situated in the area of Tallinn Airport, entered into a five-year financing contract with SEB Pank for 84.5 million euros.Economy
H1 profit of SEB's Estonian unit drops to EUR 38.7 mlnThe profit of the Estonian unit of the SEB financial group in the first half of 2013 decreased to 38.7 million euros from the year-earlier 41.5 million euros.Economy
Pension funds in lucrative businessLast year, all asset managers involved in pension funds business earned profits, including LHV Varahaldus and Nordea Pension Funds – up to now in the red.Economy
Estonian analysts differ about short-term nominal wage growth outlookAnalysts of Estonian banks hold different opinions about nominal wage growth in the near term - while SEB Pank and Swedbank experts predict continued growth of around 7 percent analysts of LHV Pank and Nordea believe growth will slow down in coming quarters.Economy
SEB lowers Estonia's growth forecast to 3.3 pctSEB Pank has curbed its economic growth estimate on Estonia for 2013 to 3.3 percent from the forecast of 3.8 percent published in March.Economy
It's easier to start a business in Estonia than in Latvia, Lithuania - surveyEntrepreneurs in Estonia think it is easier to start a business than entrepreneurs in Latvia and Lithuania and there are more people in Estonia who actually start a business, it appears from a survey by SEB Bank.Economy
SEB: New, more stable phase has begun in economy, marketsEconomic growth will have a positive influence on stock markets this year and a new, more stable phase has begun for markets and the economy in general, SEB banking group predicts in its fresh outlook.Economy
50 euro note lost in ATM now foundLast week, a SEB client aiming to draw €100 from ATM, only got €50. The bank has now restored missing money to the client’s account, saying the note had gotten stuck in the ATM mechanisms.Economy
SEB: Estonia's private sector apparently must go on with pay risesIn addition to the public sector that has carried out pay increases also the private sector of Estonia apparently has to go on hiking the pay of employees this year, SEB Pank analyst Ruta Arumäe said presenting the bank's fresh economic forecast on Tuesday.Economy
SEB Nordic Outlook: Worst behind us – slow recoveryToday, SEB published the year’s first survey of the Nordic economies (Nordic Outlook). Ruta Arumäe, Chief Economist at SEB, comments:Opinion
SEB to repay customers EUR 0.5 mln interests charged by mistakeSEB Pank has detected a technical error in its system for calculating interest on overdue loans and will reimburse the interest paid in excess to the private and corporate clients concerned.Local News
Foreclosures peak last yearIn the four years of Postimees collecting foreclosure statistics, the number has never been so high. Last year it seemed the 833 foreclosures of 2011 might be the ceiling. However, 1,300 people lost their real estate in 2012, 56 per cent rise year-on-year.Economy
SEB: estonians more cautious than their southern neighboursResidents in the Baltic States are likelier to keep their savings in deposits than invest them in higher-risk investment products. Approximately 40 per cent of households are saving for unexpected events, that is, accumulating a financial buffer, SEB Estonia reported.Economy
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