Luminor business units in the Baltic States are owned by Nordea and DNB through a holding company, Luminor Group AB (a Swedish resident), whose operating purpose is to hold shares in Luminor entities. Nordea and DNB have equal voting rights over the combined bank. Nordea has proportional 56% and DNB proportional 44% of economic ownership level reflecting the relative equity value of their contribution to the combined bank at the time of closing on 2017-10-01.

Nordea´s (Fitch AA-, Moody’s Aa3) market capitalisation places it among the 10 largest banks in Europe, and in total it serves close to 11 million customers. DNB (Fitch A+, Moody’s Aa2) is currently one of the best capitalized banks in the world, one of the largest Nordic financial groups and the market leader in Norway. DNB operates in 18 countries around the world.

Next steps

On February 19 2018, Luminor took 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 Group AB subsidiary companies
Useful information about Luminor cross-border merger