In August 2016 Nordea and DNB announced about the plans to combine bank’s operations in the Baltics. As a part of this transition and according to agreements concluded between Nordea Bank AB and DNB Bank ASA, Nordea and DNB have agreed to combine their Baltic banking into a jointly owned bank, Luminor.

This transition process will take place as a business transfer and will allow both organizations to combine their Baltic banking into a jointly owned bank, Luminor Bank AS. Upon closing, the business transfer will be carried out with all of Nordea’s assets and current agreements in all Baltic countries to be transferred into the common legal entities.

The business transfer process will have no impact on customer service – it will be business as usual. Customer accounts and payment processing will be maintained in the two separate existing core banking systems before the customers will be migrated to one common core banking system in each Baltic country.

The business transition will take place in several phases. First, Nordea Bank AB Latvia branch will transfer its banking business in Latvia to AS DNB banka, which in turn will simultaneously be renamed Luminor Bank AS.

The transaction is subject to regulatory approvals and the closing is expected to take place shortly after all regulatory approvals are received, expected in the 4th quarter of 2017. The Bank will publish more detailed information about the exact date of the transfer in mass media and on the Bank’s web page as soon as it becomes available.

After the business transfer, deposits in Luminor Bank AS will be covered by Latvian deposit guarantee scheme that is in line with the EU directive. Customer subject to deposit guarantee has rights to transfer deposits with accrued interests to an account in another bank within three months from business transfer moment without paying penalties (such as fee for termination of term deposit before end date).


For additional information, contact:
Signe Lonerte, Head of Communication, Baltic States, phone: 6 700 5469, GSM: 29 116 146, signe.lonerte@nordea.com