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Following the recent decision of the European Commission to approve unconditionally the creation of a joint venture between DNB and Nordea in the Baltic countries, the transaction is expected to close on 1st of October 2017.
Combining the strong local focus and customer centricity with a knowledge of the two leading Nordic banks, DNB and Nordea, Luminor plans to become the leading financial services provider in the Baltic region for businesses and entrepreneurial people.
After completing the transaction on 1st October 2017, Luminor will start its operations under the new management team of six nationalities, headed by Erkki Raasuke, Chief Executive Officer of Luminor Group.
Customer services as of 1st of October
Until the last day of closing, it is planned that both banking groups in the Baltic countries will operate as separate entities. The business transition will take place in several phases.
For a certain period, customer’s account numbers, agreements and payment cards as well as codes and passwords will remain unchanged. Moreover, the contractual obligations will remain effective and Luminor will continue providing financial services as usual. For the nearest future customer accounts and payment processing will be maintained in the current core banking systems. Thus, customers will keep using the existing banking solutions – Netbank, mobile bank and others.
More visible changes to the current product and service offerings are planned to take place in the first hundred days after the closing. We will provide timely information and additional updates on any improvement that will come along with Luminor.
Due to the business transfer and system updates related to the merger, the operations of banking systems might be temporarily hindered during the 1st of October. This can include delays in execution of incoming and outgoing payments, Netbank and ATM operations and other financial activities.
Invitation to an online press conference
With regard to the merger we invite you to an online press meeting.
Participants: Nils Melngailis, Chairman of Luminor Group AB, Erkki Raasuke, CEO of Luminor Group, Christian Wallentin, CFO of Luminor Group and representatives of Luminor management team.
The online press meeting will take place Monday, 2nd of October at 12:00 (EET) and will be available on our webpage www.luminor.lv.
The press conference will be conducted in English.