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Top Banks in Estonia

Overview of Estonia's leading financial institutions

Overview of Banks in Estonia

The Bank of Estonia is part of the European System of Central Banks. Established in 1919, the Estonian central bank formulates the country’s economic strategy and manages its currency and credit system. It also oversees financial institutions and banks in Estonia.

 

Banks in Estonia

 

Currently, of the 16 banks in Estonia, nine of which are licensed credit institutions and seven are branches of foreign credit institutions. Scandinavian banking groups dominate the Estonian banking sector, accounting for 90% of the total assets.

In 2017, Moody’s Investors Service changed its outlook on Baltic banks from stable to positive. The rating agency expects asset risk in Estonia to remain stable, as problem loan ratios reach the low levels found in the Nordic countries.

For anyone considering a banking career in Estonia, this list of banks in Estonia is a helpful guide on where to start. To learn more, see our list of financial institutions.

 

The top banks in Estonia are:

 

Swedbank

In terms of assets, Swedbank is the largest of the banks in Estonia, with an almost 40% share of the domestic banking market. Headquartered in Tallinn, the bank operates as a subsidiary of Swedish financial group, Swedbank. It offers a full range of individual and corporate banking products and services.

Revenue: 206.4 million euros (2017)

Net income: 191.2 million euros (2017)

Total assets: 9.96 billion euros (2017)

 

SEB Bank

SEB Bank offers a full range of financial services to private individuals, SMEs, and the public sector in Estonia. The bank is a member of Sweden’s SEB Group. Formerly known as Eesti Uhispank and then SEB Eesti Uhispank, SEB Bank adopted its current name in 2008.

Revenue: 85.5 million euros (2017)

Net income: 67.32 million euros (2017)

Total assets: 5.92 billion euros (2017)

 

Luminor Bank

Incorporated in 2017, Luminor Bank,despite being one of the smaller banks in Estonia, offers a full range of financial products and services to all client groups, focusing on high net worth individuals and small- and medium-sized companies. Formerly DNB Bank, Luminor Bank is a joint venture between DNB and Nordea. It also offers retail banking, leasing, and insurance products and services.

Revenue: 26.6 million euros (2017)

Net income: 7.46 million euros (2017)

Total assets: 3.58 billion euros (2017)

 

LHV Pank

Established in 1999, LHV is the largest domestic financial group in Estonia. The bank primarily serves private individuals, SMEs, and institutional investors in the country. With offices in Tallinn and Tartu, it employs almost 360 staff and serves more than 165,000 customers.

Revenue: 40.64 million euros (2017)

Net income: 22.18 million euros (2017)

Total assets: 1.77 billion euros (2017)

 

Danske Bank A/S Estonia Branch

Danske Bank A/S Estonia Branch operates in the personal international banking and corporate banking segments. The bank offers a wide range of financial products and services to individual non-residents and business clients of banks in Estonia.

Revenue: 23 million euros (2017)

Net income: 6.05 million euros (2017)

Total assets: 1.56 billion euros (2017)

 

Coop Bank

Founded in 2017, Coop Bank is a cooperative bank that is owned by local consumer cooperatives and their clients. The bank, formerly AS Eesti Krediidipank, primarily offers simple banking products to individuals and SMEs. Coop was one of the few banks in Estonia to show a net loss in 2017.

Revenue: 9.6 million euros (2017)

Net income (loss): (290,000 euros) (2017)

Total assets: 367.31 million euros (2017)

 

OP Corporate Bank

OP Corporate Bank caters to corporate customers, providing specialized cash management, financing, and payment transfer solutions. It operates as a subsidiary of Finland’s OP Financial Group, which offers banking, non-life insurance, and asset management services.

Revenue: 5.9 million euros (2017)

Net income: 2.25 million euros (2017)

Total assets: 646.30 million euros (2017)

 

Bigbank AS

Founded in 1992, Bigbank focuses on offering consumer loans and terms deposits to individual and business clients in Estonia. It is considered one of the biggest specialized lenders to private individuals among banks in Estonia and the Baltic region, next to universal banks and leasing firms.

Revenue: 69.8 million euros (2017)

Net income: 17.13 million euros (2017)

Total assets: 457.44 million euros (2017)

 

Tallinn Business Bank

Founded in 1991, Tallinn Business Bank is one of the oldest commercial banks in Estonia. The bank focuses on private individuals and SMEs, in addition to offering a comprehensive range of individual, retail, and corporate banking products and services. It operates a main office and a single branch.

Revenue: 2.7 million euros (2017)

Net income: 2.35 million euros (2017)

Total assets: 231.85 million euros (2017)

 

Handelsbanken

Handelsbanken started its operations in Estonia in 2006. The bank operates as a branch of Sweden’s Svenska Handelsbanken AB group, offering individual and corporate banking products and services.

Revenue: 1.8 million euros (2017)

Net income (loss): (478,000 euros) (2017)

Total assets: 146.76 million euros (2017)

 

Careers in investment banking

To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map…. investment banking careers For banking careers, you will have a significant edge over the competition with our financial modeling courses.

 

Additional resources

This has been a guide to the top banks in Estonia. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources:

  • Top banks in Sweden
  • Top 100 investment banks
  • Investment banking interview questions
  • Walk me through a DCF
  • Financial modeling guide

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