Hansabank
| Company type | Consortium |
|---|---|
| Industry | Banking and financial services |
| Founded | 1992 |
| Founder | Hannes Tamjärv, Jüri Mõis, Rain Lõhmus, Heldur Meerits |
| Defunct | 2008 |
| Fate | Acquired and rebranded by Swedbank |
Area served | Estonia, Latvia, Lithuania |
| Parent | Swedbank (from 1998, fully owned by 2005) |
Hansa Group, also known as Hansabank Group, was a banking consortium active in Estonia, Latvia, and Lithuania between 1992 and 2008. Originating in Estonia, the group expanded into Latvia in 1995 and subsequently into Lithuania in 1996. The Stockholm-based financial institution FöreningsSparbanken—later rebranded as Swedbank—acquired Hansabank through two major transactions in 1998 and 2005. By September 2008, Swedbank resolved to retire the Hansabank brand entirely, completing the transition to Swedbank branding by January 2009.
History
Hansabank's origins trace back to its establishment as a branch of Tartu Commercial Bank on 1 July 1991 in Estonia, commencing independent operations on 10 January 1992. The bank was founded by Hannes Tamjärv, Jüri Mõis, Rain Lõhmus, and Heldur Meerits and rapidly broadened its service offerings. In 1993, it launched AS Hansa Liising (Hansa Leasing) to provide leasing solutions. The bank extended its presence to Riga in 1995, simultaneously founding AS Hansa Leasing Latvia. The formal creation of the Hansabank Group occurred in 1996, coinciding with the expansion of Latvian consumer banking through a merger with German-Latvian Bank.
In 1996, Hansabank entered the Lithuanian market by establishing Hansa Leasing Lithuania and founding Hansabank Markets to oversee Baltic financial market operations. Early Western investment included American entrepreneur Raymond Staples acquiring a significant shareholding. The year 1998 saw several important mergers: in April, Hansabank merged with Eesti Hoiupank; in June, Hansa Capital combined with Hoiupanga Liising; and in September, Hansabank Latvia merged with Zemes Banka.
FöreningsSparbanken from Sweden acquired a majority stake exceeding 50% of Hansabank shares through a share issuance in 1998 and completed full acquisition of minority interests by 2005, rendering Hansabank a fully owned subsidiary.
In July 1999, Hansabank's Lithuanian branch commenced commercial banking activities in Vilnius. By 2001, Hansabank had secured a controlling interest of 90.73% in Lithuanian Savings Bank (LTB), which was then Lithuania’s largest bank by asset size and branch network. Following acquisition, LTB was renamed Hansa-LTB in 2001, rebranded as Hansabank in 2003, and finally adopted the Swedbank name in 2009.
On 10 March 2005, Hansabank acquired Moscow-based OAO Kvest bank, initially operating under the Hansabank brand before transitioning to the Swedbank identity.
National names and rebranding as Swedbank
Within its operating countries, Hansabank used distinct local names: Hansapank in Estonia, Hansabanka in Latvia, Hansabankas in Lithuania, while internationally it was known simply as Hansabank.
| Business unit | Scope of activities |
|---|---|
| Hansapank, Estonia | Retail banking, Corporate banking, Asset management, Investment management, Leasing (hire-purchase) |
| Hansabanka, Latvia | Retail banking, Corporate banking, Asset management, Financial markets, Leasing (hire-purchase) |
| Hansabankas, Lithuania | Retail banking, Corporate banking, Asset management, Leasing (hire-purchase) |
The Swedish parent company Swedbank initially acquired half of Hansabank’s shares in 1998 and subsequently gained full ownership. Throughout its operations in the Baltic region, Hansabank’s primary rival was the Swedish group SEB, which operated via SEB Eesti Ühispank, SEB Unibanka, and SEB Vilniaus bankas.
Consistent with Swedbank’s corporate branding policy, numerous branches were renamed Swedbank during autumn 2008; the official legal name change was completed by spring 2009.
Controversy
In 1994, financial transactions connected to unauthorized Russian arms sales and deliveries during the Iraq oil for food programme passed through Hansabank's Estonian operations.
See also
- Hanseatic League for the historical origin of the name.