In August 2016 Nordea and DNB announced about the plans to combine bank’s operations in the Baltics. This transition process will take place as a business transfer and will allow both organizations to combine their Baltic banking into a jointly owned bank, Luminor Bank AB.
Upon closing, the business transfer will be carried out with all of Nordea’s assets and current agreements in all Baltic countries to be transferred into the common legal entities.
The business transfer process will have no impact on customer service – it will be business as usual. Customer accounts and payment processing will be maintained in the two separate existing core banking systems before the customers will be migrated to one common core banking system in each Baltic country.
The business transition will take place in several phases. First, Nordea Bank AB Lithuania branch will transfer its banking business in Lithuania to AB DNB bankas, which in turn will simultaneously be renamed Luminor Bank AB.
The transaction is subject to regulatory approvals and the closing is expected to take place shortly after all regulatory approvals are received in the 4th quarter of 2017. Nordea Bank AB Lithuania branch will publish more detailed information about the exact date of the transfer in mass media and on the bank’s web page as soon as it becomes available.
After the business transfer, deposits in Luminor Bank AB will be covered by Lithuanian deposit guarantee scheme that is in line with the EU directive. More detailed information about it can be found in iidraudimas.lt. Customer subject to deposit guarantee has rights to transfer deposits with accrued interests to an account in other bank till 02-11-2017 without paying penalties (such as fee for termination of term deposit before end date).
