Page 31 - bne_newspaper_July_06_2018 700.png

Weekly Lists
July 6, 2018 www.intellinews.com I Page 31
bne:Banker Over €7bn reportedly
laundered through Danske Bank in Estonia
As much as €7.1bn may have been laundered via the Estonian operations of Danske Bank, Denmark’s biggest lender, Danish and international media reported.
If confirmed, the scale of money laundering at the bank would be more than twice the previous estimates. Danske Bank has so far escaped serious repercussions for failing to monitor money flows at its Estonian branch, but the new revelations could put it back in trouble.
The bank is currently carrying out an internal probe into the laundering case and has implemented a number of changes in response, including hiring a new management team in Estonia. It also had to boost its regulatory capital on the orders of the Danish Financial Supervisory Authority.
Croatia's Hrvatska Postanska Banka (HPB) signed on July 4 an agreement with Croatia’s State Agency for Deposit Insurance and Bank Rehabilitation (DAB) to acquire a 100% share in its local peer Jadranska Banka, the finance ministry announced.
HPB is majority owned by the Croatian state. At the end of March, the bank’s assets totalled HRK19.67bn, accounting for a 4.97% market share. Jadranska Banka had a market share of only 0.42% at the end of March, according to central bank data.
In October 2015, DAB took over Jadranska’s management after the Croatian Central Bank (HNB) found out that the bank’s business was collapsing. According to the Croatian finance ministry, HPB will recapitalise Jadranska with HRK110mn.
TBC Bank Group PLC’s subsidiary JSC TBC Bank has signed a $70mn loan agreement with German development agency Deutsche Investitions- und Entwicklungsgesellschaft (DEG), the bank said on June 26.
The seven-year loan facility will primarily be used to finance small and medium-sized enterprises (SMEs) in Georgia, TBC said.
TBC, which together with its subsidiaries comprises Georgia’s largest bank, stressed its long-term partnership with DEG. “This transaction reflects both institutions’ commitment to continue cooperation and we look forward to many more years of productive partnership,” said the bank’s CEO Vakhtang Butskhrikidze.
Croatia's Hrvatska Postanska Banka acquires ailing local peer Jadranska Banka
Georgia’s TBC Bank signs $70mn loan deal with DEG