Bank solidarity tax had no impact on SEB’s decision – finance min

Finance Minister Rimantas Šadžius says the so-called solidarity levy on windfall profits of banks, which was extended in the summer, had no impact on SEB’s decision to establish a new joint body in Tallin rather than Vilnius.

"In my view, the Lithuanian solidarity tax law did not have any influence on the SEB bank’s decision. To my knowledge, they started to consider the move much earlier," the minister told LRT TV Dienos tema programme on Thursday.

He also said that the European Parliament is also mulling similar taxes on unexpected and extraordinary profits at the European level "as one of revenue options for the EU budget."

SEB said Wednesday it will consolidate its three Baltic legal entities into one by way of two cross-border mergers, with headquarters in Tallinn and branches in Latvia and Lithuania.

The new legal structure is expected to be operational by beginning of 2027, it said.