Luminor Bank
Luminor Bank AS is a bank headquartered in Tallinn, Estonia, with branches in Latvia and Lithuania.[3] It is the third-largest bank in the Baltics[2] and in Estonia.[4] Luminor has a deposit market share of 16% and lending market share of 22%.[1]
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Industry | Finance |
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Predecessors | Branches of Nordea and DNB in Estonia, Latvia, and Lithuania |
Founded | 2017Tallinn, Estonia | in
Headquarters | , Estonia |
Area served | Estonia Latvia Lithuania |
Key people | Peter Bosek (CEO) Nils Melngailis (Chairman) Gunnar Toomemets (Head of private banking) Kerli Gabrilovica (Head of the Latvian branch) Andrius Načajus (Head of the Lithuanian branch)[1] |
Services | Retail banking |
Total assets | over €15 billion[2] (2018) |
Owner | Blackstone Group (80.05%) DNB (19.95%) |
Number of employees | 3,000[2] (2018) |
Website | luminor |
![](../I/Luminor_by_Augustas_Didzgalvis.jpg.webp)
Luminor was founded in August 2017 on the basis of the Baltic operations of Nordea and DNB.[2] Luminor took over 930,000 of DNB's former customers and 350,000 of Nordea former customers.[2] The merger was completed on 1 January 2019.[1]
Originally, Nordea owned 56.5% and DNB owned 43.5% of Luminor.[2][5] In September 2018, it was announced that 60% of Luminor's shares will be sold to the Blackstone Group led consortium.[5] The transaction was approved by the European Commission in January 2019.[2] The transaction was completed in September 2019.[6] After the transaction, Nordea and DNB own of 20% stakes both.[6][2] Blackstone and Nordea have agreed that Blackstone would also purchase Nordea's remaining 20% in Luminor.[3] Blackstone is planning to remain the shareholder for four to seven years after which it most likely will exit by listing Luminor on several stock exchanges.[2]
The CEO of Luminor is Peter Bosek and the chairman of the supervisory board is Nils Melngailis.[1][5] Kerli Gabrilovica is head of the Latvian branch and Andrius Načajus is head of the Lithuanian branch.[1] As of 2018, Luminor had 3,000 employees.[2] In February 2019, the bank announced that, due to consolidation, it would reduce its staff by 130 employees in Estonia, 250 employees in Latvia, and 420 employees in Lithuania.[3] Luminor has over €15 billion of assets.[2]
References
- "Luminor merger complete, nothing to change for clients, says bank". ERR. 2019-01-02. Retrieved 2019-02-06.
- "European Commission clears Blackstone to buy Luminor". ERR. BNS. 2019-01-22. Retrieved 2019-02-06.
- Shah, Shakhil (2019-02-06). "Luminor to lay off around 800 staff in Baltics". Emerging Europe. Retrieved 2019-02-06.
- Major Banks of Estonia
- "Blackstone to acquire €1 billion majority stake in Luminor". ERR. 2018-09-13. Retrieved 2019-02-06.
- "Blackstone closes €1 billion acquisition of Baltic bank Luminor". LSM. 2019-09-30. Retrieved 2019-09-30.
External links
- Official Estonian website
- Official Lithuanian website
- Official Latvian website
- Bank Profile: Luminor Bank