Luminor Bank AS Is A Bank Headquartered In Tallinn, Estonia, With Branches In Latvia And Lithuania. As Of 2019, It Is The Third Largest Bank In The Baltic Region, With A Deposit Market Share Of 16% And A Loan Market Share Of 22%. In June 2024, It Was Reported That Both OTP Bank And UniCredit Were Bidding To Acquire Control Of Luminor From Blackstone Group.
Overview
Luminor Was Founded In August 2017, Based On The Baltic Operations Of Nordea And DNB. Luminor Took Over 930,000 Former Customers Of DNB And 350,000 Former Customers Of Nordea. The Merger Was Completed On January 1, 2019.
Initially, Nordea Owned 56.5% Of Luminor And DNB Owned 43.5%. In September 2018, It Was Announced That 60% Of Luminor's Shares Would Be Sold To A Consortium Led By Blackstone Group. The Transaction Was Approved By The European Union Commission In January 2019 And Completed In September 2019. Upon Completion Of The Transaction, Nordea And DNB Each Held 20% Of The Shares. Blackstone Group And Nordic Group Have Agreed That Blackstone Group Will Also Purchase Nordea's Remaining 20% Stake In Luminor. In December 2021, Blackstone Group Acquired 8.4% Of Nordea's Shares And The Remaining 11.6% Stake In September 2022.
As Of 2019, The CEO Of Luminor Is Peter Bosek And The Chairperson Of The Supervisory Board Is Nils Melngailis. As Of 2018, Luminor Has 3,000 Employees. In February 2019, The Bank Announced That It Would Cut 130 Jobs In Estonia, 250 In Latvia And 420 In Lithuania As A Result Of The Merger. In 2019, The Bank Also Closed 26 Of Its 61 Client Server Centers In The Baltic States.
Luminor Was Designated As An Important Institution Under The European Standards Of Banking Supervision In 2017 And Is Therefore Directly Supervised By The European Central Bank. In 2019, Luminor Issued The Highest Loan Amount In Estonia With A Total Loan Amount Of 12.90 Billion Euros.
