Luminor receives approval from the European Central Bank to carry out its cross-border merger in the Baltics
On 28.06.2018 Luminor received the European Central Bank’s (ECB) approval for the cross-border merger of Luminor in the Baltics. The merger foresees full integration of Luminor banks, continuing operations in all Baltic countries through Estonian bank and its registered branches in Latvia and Lithuania. The cross-border merger and legal change is expected to take place on 2 January 2019.
On 29 March Luminor banks in the Baltics signed a cross-border merger agreement, and in May Luminor received confirmation from the ECB that the branches in Latvia and Lithuania may be established and commence their activities.
Now that the final approval has been received from the ECB, Luminor will proceed with implementation of the legal change.
Daily operations and customer service will continue as usual. Other developments, including changes related to product alignment, launch of new customer offerings and digital advancements, will be communicated separately.
The cross-border merger supports Luminor’s ambition to be a strong, local and customer-centric financial services provider with efficient governance and business operations across the Baltics.