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![]() Lithuanian Luminor headquarters in Vilnius CBD | |
Luminor | |
Industry | Finance |
Predecessors | Branches of Nordea and DNB in Estonia, Latvia, and Lithuania |
Founded | 2017Tallinn, Estonia | in
Headquarters | , Estonia |
Area served | Estonia Latvia Lithuania |
Key people | Wojciech Sass (CEO) Nils Melngailis (Chairman) [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] As of 2019 it was the third-largest bank in the Baltics, with a deposit market share of 16% and lending market share of 22%. [1] In June 2024, it was reported that both OTP Bank and UniCredit were bidding to acquire control of Luminor from the Blackstone Group. [4]
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 percent of Luminor's shares would be sold to a consortium led by Blackstone Group. [5] The transaction was approved by the European Commission in January 2019, [2] and completed in September 2019. [6] After the transaction, Nordea and DNB owned stakes of 20 percent each. [6] [2] Blackstone and Nordea have agreed that Blackstone would also purchase Nordea's remaining 20% in Luminor. [3] In December 2021 Blackstone acquired 8.4% of Nordea’s shares and in September 2022 bought the remaining 11.6%. [7]
As of 2019, the CEO of Luminor was Peter Bosek and the chairman of the supervisory board was Nils Melngailis. [1] [5] 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] The bank also closed 26 of their 61 customer service centers in the Baltic states in 2019. [8]
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. [9] In 2019, with 12.9 billion EUR, Luminor issued the highest total amount of loans in Estonia. [10]
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