The merger of Luminor banks in Latvia and Lithuania
Luminor bank has entered into the final stage of its integration in the Baltics by finalizing the legal part of its integration. The merger foresees full integration of the banks and will continue its operations in all Baltic countries through the Estonian bank and its registered branches in Lithuania and Latvia. The cross-border merger and legal changes are expected to be completed by 2 January 2019.
As the legal part of the integration has a minimal impact for customers and business partners, some details of the legal merger are important for both.
All commitments will remain valid as all assets, rights and liabilities of Luminor Latvia and Luminor Lithuania will be transferred to Luminor Estonia. The bank will continue the same activities in Latvia and Lithuania through the locally established branches.
The Estonian Guarantee Fund (Tagatisfond) will take over protection of both customer deposits and investments. The protection of deposits will remain the same as at present and will consist of 100,000 EUR per each depositor per credit institution. The maximum amount of guarantee will be 20,000 EUR per investor per investment service provider. The pension depository function will also be taken over by Luminor Bank AS in Estonia, represented by the Luminor Bank AS Latvian branch and Luminor Bank AS Lithuanian branch.