SEB's Estonia Unit to Repay EU493,031 to Clients

SEB AB will repay Estonian clients 493,031 euros ($668,944) due to a technical glitch in calculating interest payments, the Stockholm-based bank’s subsidiary in the Baltic country said.

An error in the SEB Pank AS’s system, found at the end of last year, caused the bank to keep charging interest on overdue loan payments in addition to fines for delay, the Tallinn-based bank said in an e-mailed statement today. It will repay 72,026 corporate and retail clients on 101,797 contracts.

To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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