The Latvian and Lithuanian Luminor banks will be merged with the Estonian Luminor Bank, according to a statement published in Latvia's official government gazette Latvijas Vēstnesis.
In the course of the merger process, the Luminor banks operating in Latvia and Lithuania will hand over their assets to Estonia's Luminor Bank and will be closed without a liquidation process.
Following the merger, Estonia's Luminor Bank will operate in Latvia and Lithuania with branches that will be established before the merger is complete.
According to the merger agreement available on the business database Firmas.lv, as a result of the merger, share capital of Estonia's Luminor Bank will be increased to €18.7 million. The share capital will comprise 1.87 million shares with a face value of €10 per share. The bank's share capital currently totals €9.4 million.
Launching operations in October 2017, Luminor was established by a merger of Nordea and DNB's Baltic operations. The sole owner of Luminor Bank is Swedish Luminor Group.
Luminor was established as a joint bank of Nordea and DNB and was created in October 2017. The sole owner of Luminor Bank AS is Sweden's Luminor Group AB.
Editor: Aili Vahtla