Nordea and DNB unite in the Baltics as Luminor Bank
The merger plans were announced last year – aiming to create a large financial services player in Latvia, Lithuania and Estonia catering to corporates, SMEs and consumers.
Luminor is the third largest financial service provider in the Baltics, with a deposits market share of 16% and loans market share of 23%. It has a customer base of 1.3 million, a workforce of 3,000 people and assets worth €15 billion.
The bank intends to list on a stock exchange in due course.
“We are the only bank to focus solely on the Baltic countries,” says Erkki Raasuke, CEO of Luminor Bank. “The rest are either Nordic banks who also operate in the Baltics or small banks who only operate on the local market. Our bank is deliberately very local.”
As part of the project, Luminor is undergoing technology integration, including the harmonisation of the ATM network.
The bank has warned its customers that due to the merger work, some short-term technology issues might arise, such as processing of payments or internet banking.