Luminor has announced that it has completed its banks' cross-border merger to continue its operations through the Baltic countries.
The cross-border merger – which was initiated in October 2017 – is the final stage of post-merger activities that combine DNB’s and Nordea’s Baltic operations.
The financial services provider received final merger approval from the European Central Bank on 28th June 2018.
It will now have a new organisational set up, governance structure and members of management bodies.
Luminor will focus on improvements in areas including products and customer offerings, customer centricity, digital capabilities and teaming up with third-party service providers.
Deposits made by clients of Luminor’s Latvian and Lithuanian branches will now be guaranteed by the deposit guarantee and investor protection scheme established and operated by the Estonian guarantee fund.
Erkki Raasuke, CEO at Luminor group, said: “Since the day Luminor was established, we have been working on our post-merger activities, including legal changes that foresee a full integration of the Baltic banks.
“We have had a close and constructive collaboration with regulators to complete this critical step on schedule.”
The new legal set-up will enable Luminor to decrease its governance complexity as well as to develop and strengthen the co-operation and synergy within the whole Luminor group.
“The step was necessary to support our ambition for building a new-generation financial services provider for Baltic companies and entrepreneurial people,” Erkki added.
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