Nils Melngailis, chair of the supervisory boards of Luminor Bank and Luminor Holding, thanked Nordea for sponsoring the establishment of Luminor and supporting it thereafter, according to a press release. He also acknowledged Blackstone's support as evidenced by their increased investment in the bank.

"Our improving performance, solid financial standing and prudent risk management means that Luminor, under the executive leadership of Peter Bosek, is well placed to continue the positive momentum it has shown in recent years," Melngailis said. "This will allow us to expand our activities with individuals and companies across all three Baltic countries."

In 2018, DNB Bank ASA (DNB) and Nordea Bank Apb (Nordea) entered into an agreement to sell 60.1 percent of their shareholding in Luminor Holding to a consortium led by private equity funds managed by Blackstone.

At the time, DNB and Nordea each retained a 19.95 percent equity stake in the company, and Blackstone agreed to purchase Nordea's remaining stake over the following years.

Last December, Blackstone acquired 8.4 percent of Luminor Holding from Nordea. Following the transaction announced Thursday, Blackstone now owns 80.05 percent of Luminor Holding, with DNB retaining ownership over the remaining 19.95 percent.

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