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.
Currently, of the 16 banks in Estonia, nine 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 2021, Moody’s Investors Service affirmed its outlook on Baltic banks at stable. The stable outlook reflects Moody’s expectation that the Estonian economy will remain relatively resilient to the impact of the coronavirus and will return to robust rates of growth in 2021 and beyond. It also reflects the expectation that the government debt burden will broadly stabilize from 2021 onwards as the economy and public finances improve in the wake of the crisis.
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 Include:
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: EUR 377.3 million (2020)
Net income: EUR 187.1 million (2020)
Total assets: EUR 14.89 billion (2020)
SEB Pank 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: EUR 163.8 million (2020)
Net income: EUR 87.4 million (2020)
Total assets: EUR 7.49 billion (2020)
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: EUR 26.6 million (2017)
Net income: EUR 7.46 million (2017)
Total assets: EUR 3.58 billion (2017)
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 around 470 staff and serves more than 165,000 customers.
Revenue: EUR 77.6 million (2020)
Net income: EUR 32.5 million (2020)
Total assets: EUR 5.65 billion (3/2021)
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: EUR 23 million (2017)
Net income: EUR 6.05 million (2017)
Total assets: EUR 1.56 billion (2017)
Founded in 1992, Coop Pank 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.
Revenue: EUR 25.9 million (2020)
Net income: EUR 7.26 million (2020)
Total assets: EUR 974.9 million (3/2021)
Founded in 1992, Bigbank focuses on offering consumer loans and term 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: EUR 55.2 million (2020)
Net income: EUR 21.3 million (2020)
Total assets: EUR 757.8 million (2020)
Tallinn Business Bank (TBB)
Founded in 1991, Tallinn Business Bank (TBB) 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.