Aivar Rehe: it sounds very illogicalFormer leader of the Estonian branch of Danske bank Aivar Rehe says, he did not know anything about transactions from Moldova and this story sounds very illogical.Local News
Estonian banks used to launder vast sumsBanks in Estonia were used to move nearly $1.6 billion of criminal funds from Russia, international journalism project OCCRP, investigating organized crime and corruption, uncovered with help from Postimees and Russian paper Novaya Gazeta. The operation in question was named “Laundromat” or “Washing Machine”.Local News
SEB demands access to clients' contactsSEB bank is looking to access its clients' contacts lists in the new version of its mobile app to be released in a few months. Estonia's data protection watchdog says it will look into the legality of the move.Local News
Future government plans wide-ranging tax reformThe new government plans to introduce an €315 million investment program, privatize, either in part or in full, four state-owned companies, lay down a banking tax, abolish income tax incentives on loan interests etc. Grand redistribution of taxes is also in the pipeline that will see minimum income exempt from tax raised from the current 170 euros a month to 500 euros from 2018.Economy
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
Fraudster, saint or two-faced Janus?Court verdicts say that the businessman Raivo Paala is a hardened veteran fraudster who has tried to cheat the state with hundreds of millions of euros. Meanwhile, Mr Paala has this other face of an uncompromising fighter for human rights.Local News
Chief of Danske: pension investors need not worryLast year, Danske Bank begun the switch to corporate banking in Baltics and successfully so says its head in Estonia, Ivar Pae. As related to sale of Danske Bank pension funds to LHV the clients need not worry: the fund will be managed well even during times of transition i.e. as long as the transition is completed, he says.Economy
TransferWise to cooperate with banksAfter a lengthy history of bashing high currency exchange fees at banks as its chief slogan, TransferWise enters into cooperation with banks. In New Year, the first step will be TransferWise’s international foreign currency transfers straight from LHV mobile bank.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
Banks twist client arms to draw personal dataNordea and Danske clients complained to Postimees that said banks withheld services related to transfers and purchase of shares as the individuals failed to fill fresh personal data declaration.Economy
Estonia not against using EFSM to help GreeceEstonia is not against tapping into the European Financial Stability Mechanism (EFSM) to provide Greece with bridge financing.Economy
Eesti Pank head: eurozone no longer in crisisEstonian central bank president Ardo Hansson says eurozone crisis is no more while we continually experience a difficult situation with growth outlook modest and fragile.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
Russia-West relations a reminder of Cold WarIn the two initial days of this week, relations between Russia and the West fell to a low last seen in mid-1980ies.Local News
Bank only packs bags after folks goSwedbank Estonia director general Priit Perens says local branches are in the red except for Tallinn and Tartu.Economy
Editorial: former folly resurrectedLate last year, the Venezuelan President Nicolas Maduro declared that as life is too costly, the state would be regulating car prices. According to the Latin-American leader, cars are produced «for the needs of the society, not for the mafia».Local News
Editorial: central bank logic and cautious bankingWhere there’s a will there’s a way – talking about European Central Bank plan to drop deposit interests into the negative. Estonian experts don’t believe the step would impact deposits of the average saver: the sensitive client would simply withdraw his meagre money and stick it under mattress.Opinion
Krediidipank gets two councilsKrediidipank general meeting of shareholders, yesterday, resulted in a bank with two governing councils. With Bank of Moscow votes, the bank was elected a new council – not recognised by other shareholders, however. Thereby, in the eyes of majority holder Bank of Moscow, the bank has one council; in the opinion of former council members – another.Economy
Bank owners at loggerheadsBanker suspects Financial Supervision Authority collusion with Russians of murky background.Local News
Estonian banks' net profit shrinks 24 pct in JuneCommercial banks operating in Estonia earned a net profit of 26.2 million euros in June, almost 24 percent less than the year before, data of the Bank of Estonia show.Economy
Nordea's H1 profit decreases to EUR 24.1 mlnNordea Eesti, Estonian operation of the Nordic financial group Nordea, earned a net profit of 24.1 million euros in the first six months of 2013 compared with 25.9 million euros in the same period last year.Economy
LHV Group posts EUR 0.4 mln profit for Q2The Estonian financial group LHV Group earned a net profit of 0.4 million euros in the second quarter of 2013, of which the bank made 0.1 million and asset management 0.3 million euros.Economy
Q2 earnings of Estonian unit of Swedbank down 8 pctNet profit of the Estonian unit of Swedbank in the second quarter of 2013 amounted to 42.2 million euros, 8 percent less than in the second quarter of 2012.Economy
Super fast banking sector growth is dangerous to small states - Estonian finminAlthough many studies show that the development of financial markets can be an engine of economic growth, caution should be exercised because super fast expansion of the banking sector is dangerous to a small country, Estonian Finance Minister Jurgen Ligi said.Economy
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