Hansabank Group, the largest bank in the Baltic countries, is to delist from the Tallinn Stock Exchange after its EGM on 30 May.
Swedish banking group Swedbank said in April its ownership in the Tallinn-based bank exceeded 99 percent, prompting the move.The delisting process is expected to take up to four weeks.
The delisting of Hansabank, the most valuable company in the Baltics with a market capitalization of Euro 4.3 billion (US$5.5 billion) and 2.6 million clients in Estonia, Latvia and Lithuania, is a major blow to the development of the Baltic capital markets.
Hansabank shares account for up to 80 percent of the daily trading volumes at the Tallinn bourse and makes up 70 percent of the stock exchange’s total market capitalization of Euros 6.2 billion (US$8 billion).