Photo taken on Feb. 20, 2019 shows the Latvian branch of the Danske Bank in Riga, Latvia. Denmark's Danske Bank is folding operations in Russia and Baltic states, including Latvia, amid allegations of money laundering though its branch in Estonia, the bank's representatives said. (Xinhua/Edijs Palens)
RIGA, Feb. 20 (Xinhua) -- Denmark's Danske Bank is folding operations in Russia and Baltic states, including Latvia, amid allegations of money laundering though its branch in Estonia, the bank's representatives said.
Zane Strade, acting head of Danske Bank's Latvian branch, said on Wednesday that work is now underway at the bank on a detailed plan for leaving the Latvian market.
"Danske Bank will leave Latvia. We have currently started work on a detailed plan and will be cooperating with the relevant authorities in this process. As soon as the plan is ready, we will inform the public," Strade said, adding that in the meantime, the Danske Latvian branch will keep serving customers as usual.
However, in a statement released on Tuesday, Danske Bank maintained that its decision to exit the Baltic and Russian markets had nothing to do with the money laundering case which has prompted the Estonian financial regulator to order a shutdown of Danske Bank's Estonian branch.
