The acquisition includes approximately 120,000 retail customers in Lithuania with around €525 million in loans and about 7000 private customers in Latvia with €116 million in loans.
"I welcome all new customers and hope they will appreciate Swedbank's accessibility and wide range of digital services. Our goal is that they will be just as pleased with the bank as the rest of our Baltic customers," said Priit Perens, head of Swedbank Baltic Banking in a news release.
The transaction still requires approval by regulators in both Lithuania and Latvia. The acquisition is expected to take effect during the first quarter of 2016.
The size and terms of the deal have not been revealed.
