G. Scheel & Co

G. Scheel & Co was a bank started in Tallinn by Georg Johannes Heinrich Scheel on January 1, 1884 as a limited partnership. It was then called Tallinn Bank G. Scheel. It became a joint-stock bank in 2010, when it was managed by the grandson of the founder, Klaus Scheel.

In the early years of the Estonian War of Independence, Scheel Bank served the Russian White Guard Northwestern Army and the Northwestern Russian government in Estonia.

Under the Tartu Peace Treaty, Estonia allowed Soviet Russia to use Estonia and Estonian ports for duty-free trade. Soviet Russia sold the wealth nationalized, requisitioned or stolen from the former owners. A lot of gold and diamonds were sold through the bank. In the 1920s The Scheel Group arranged foreign loans to Estonian companies, especially the new fuel oil industry. Scheel bought the main breweries.