 | |
| 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 | Peter Bosek (CEO) Nils Melngailis (Chairman) Gunnar Toomemets (Head of private banking) Kerli Gabrilovica (Head of the Latvian branch) Andrius Načajus (Head of the Lithuanian branch)[1] |
| Services | Retail banking |
| Total assets | over €15 billion[2] (2018) |
| Owner | Blackstone Group (80.05%) DNB (19.95%) |
Number of employees | 3,000[2] (2018) |
| Website | luminor |
Luminor Bank AS is a bank headquartered in Tallinn, Estonia, with branches in Latvia and Lithuania.[3] It is the third-largest bank in the Baltics[2] and in Estonia.[4] Luminor has a deposit market share of 16% and lending market share of 22%.[1]
Luminor was founded in August 2017 on the basis of the Baltic operations of Nordea and DNB.[2] Luminor took over 930,000 of DNB's former customers and 350,000 of Nordea former customers.[2] The merger was completed on 1 January 2019.[1]
Originally, Nordea owned 56.5% and DNB owned 43.5% of Luminor.[2][5] In September 2018, it was announced that 60% of Luminor's shares will be sold to the Blackstone Group led consortium.[5] The transaction was approved by the European Commission in January 2019.[2] The transaction was completed in September 2019.[6] After the transaction, Nordea and DNB own of 20% stakes both.[6][2] Blackstone and Nordea have agreed that Blackstone would also purchase Nordea's remaining 20% in Luminor.[3] Blackstone is planning to remain the shareholder for four to seven years after which it most likely will exit by listing Luminor on several stock exchanges.[2]
The CEO of Luminor is Peter Bosek and the chairman of the supervisory board is Nils Melngailis.[1][5] Kerli Gabrilovica is head of the Latvian branch and Andrius Načajus is head of the Lithuanian branch.[1] As of 2018[update], Luminor had 3,000 employees.[2] 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.[3] Luminor has over €15 billion of assets.[2]
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.[7]
