Luminor Bank
Company based in Estonia
From Wikipedia, the free encyclopedia
Luminor Bank AS is a bank headquartered in Tallinn, Estonia, with branches in Latvia and Lithuania.[4] As of 2019 it was the third-largest bank in the Baltics, with a deposit market share of 16% and lending market share of 22%.[1] In June 2024, it was reported that both OTP Bank and UniCredit were bidding to acquire control of Luminor from the Blackstone Group.[5]
| |
 Lithuanian Luminor headquarters in Vilnius CBD | |
| Luminor | |
| Industry | Finance |
| Predecessors | Branches of Nordea and DNB in Estonia, Latvia, and Lithuania |
| Founded | 2017 in Tallinn, Estonia |
| Headquarters | , Estonia |
Area served | Estonia Latvia Lithuania |
Key people | Wojciech Sass (CEO) Nils Melngailis (Chairman)[1] |
| Services | Retail banking |
| €632.6 million(2024)[2] | |
| €255.7 million(2024)[2] | |
| Total assets | €15.7 billion(2024)[2] |
| Owner | Blackstone Group (80.05%) DNB (19.95%) |
Number of employees | 3,000[3] (2018) |
| Website | luminor |
Overview
Luminor was founded in August 2017 on the basis of the Baltic operations of Nordea and DNB.[3] Luminor took over 930,000 of DNB's former customers and 350,000 of Nordea former customers.[3] The merger was completed on 1 January 2019.[1]
Originally, Nordea owned 56.5% and DNB owned 43.5% of Luminor.[3][6] In September 2018, it was announced that 60 percent of Luminor's shares would be sold to a consortium led by Blackstone Group.[6] The transaction was approved by the European Commission in January 2019,[3] and completed in September 2019.[7] After the transaction, Nordea and DNB owned stakes of 20 percent each.[7][3] Blackstone and Nordea have agreed that Blackstone would also purchase Nordea's remaining 20% in Luminor.[4] In December 2021 Blackstone acquired 8.4% of Nordea’s shares and in September 2022 bought the remaining 11.6%.[8]
As of 2019, the CEO of Luminor was Peter Bosek and the chairman of the supervisory board was Nils Melngailis.[1][6] As of 2018[update], Luminor had 3,000 employees.[3] 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.[4] The bank also closed 26 of their 61 customer service centers in the Baltic states in 2019.[9]
Luminor has been designated in 2017 as a Significant Institution under the criteria of European Banking Supervision, and as a consequence is directly supervised by the European Central Bank.[10] In 2019, with 12.9 billion EUR, Luminor issued the highest total amount of loans in Estonia.[11]
