In August 2016 Nordea and DNB entered into an agreement to combine their operations in Estonia, Latvia and Lithuania to create an independent main financial services provider in the Baltics. The completion was conditional upon receiving regulatory approvals. After receiving all approvals from the respective regulatory bodies, the transaction closed today.
Luminor will be the third largest financial services provider in the Baltic banking market, with a market share of 16 percent in deposits and 23 percent in lending. Luminor will comprise Nordea’s approximately 350,000 and DNB’s 930,000 customers across the three markets. The operations will have approximately 3,000 employees and approximately EUR 15 bn in assets. Total gross lending of the Luminor portfolio will amount to approximately EUR 12 bn, including both consumer and corporate lending, and deposits will total EUR 9 bn. Luminor will have a common equity tier 1 capital ratio of 17 percent and a common equity tier 1 capital of EUR 1.6 bn.
Nordea and DNB will have equal voting rights over the combined bank and Nordea will have proportional 56% of economic ownership level reflecting the relative equity value of its contribution to the combined bank at the time of closing.
Press conference
Time: 2 October 2017, 12 PM (EET). Registration opens at 11 AM. For security reasons, a valid identity card is required.
Place: Luminor office in Riga, Skanstes Street 12.
Nils Melngailis (Chairman of Luminor Group AB) and Erkki Raasuke (CEO of Luminor Group AB) will present Luminor’s strategic choices, mid-term and long-term plans. A Q&A session and additional interviews will follow the press conference.
The presentation will be conducted in English and can be viewed live at www.luminor.lv / ee / lt.
To attend the press conference please contact Signe Lonerte, Luminor Group Marketing and Communication manager, phone: 6 700 5469, GSM: 29 116 146, signe.lonerte@luminorgroup.com.