Luminor proceeds with the next legal steps to complete the merger

After the first successful months of Luminor operations in the Baltic States, the final phase of the legal merger has started.

Luminor’s ambition is to build a strong, local and customer-centric bank with efficient governance and business operations across the Baltics. The next legal step foresees full integration of the banks with the headquarter Luminor entity in Estonia and branches in Lithuania and Latvia.

On February 19, Luminor will take the first steps to fill in prerequisites of the legal reorganization process by submitting a draft Merger Agreement to State Enterprise Register of Latvia and notifications to the Estonian Financial Supervisory Authority for branches opening in Latvia and Lithuania.

The legal change is planned to take place in January 2019.

Most customers will not feel any impact on the daily operations and customer service as the business will continue as usual. Other developments, including changes related to product alignment, launch of new customer offerings and digital advancements will be communicated separately.

Luminor was established on October 1, 2017 with the ambition to create a new generation financial services provider for the local way of life and businesses. Luminor is a top 3 player in the Baltic banking market with a 16% market share in deposits and 23% of the lending market.