"The EFTL considers the launch of negotiations a positive signal and hopes that signing a collective agreement with solve the concerns of many employees regarding the creation of the joint bank and the unavoidably incident increase in efficiency," the union said in a press release. "Signing the collective agreement will bring an additional sense of security for the employees and enable them to focus on their everyday work and the growth of Luminor.

According to the union, the owners of Luminor, Nordea and DNB, have for decades signed collective agreements with their employees in the Nordic countries that are beneficial to both parties and ensure sustainable development for the bank and well-being for the employees, and Estonian employees seek to cooperate similarly with their employer.

In August 2016, the EFTL invited the employees of DNB in Estonia to join the union so that their interests would be taken into account following the merger of the Baltic operations of DNB and Nordea.

Founded in 2013, the EFTL is a voluntary trade union, the aim of which is to protect and represent the rights and interests of finance sector employees in collective and individual working relationships.