Banks, Estonia, EU Regional Policy, Financial Services

International Internet Magazine. Baltic States news & analytics Thursday, 20.06.2019, 23:38

Estonia's LHV looking for new clearing partner for dollar payments

BC, Tallinn, 13.08.2016.Print version
After Deutsche Bank at the beginning of July stopped providing the dollar clearing service to Estonia's LHV, the bank has been offering smaller euro-to-dollar payments to U.S. bank accounts via payment processes such as Transferwise, but is still looking for a clearing partner, LETA/BNS reports according to Bloomberg information.

LHV is also in talks with smaller U.S. banks, said Andres Kitter, head of retail banking at LHV.

One of the reasons behind Deutsche Bank's decision is probably that Estonia is geographically close to Latvia which is known as a money-laundering. "There are no measures we can take as a bank or a country," Kitter said.

On July 1 Deutsche Bank stopped offering dollar clearing service to LHV which means that the bank's U.S. customers cannot make or receive payments in dollars.


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