OTP Bank Acquires Luminor from Blackstone and DNB Bank
The transaction provides a new platform for the pan-Baltic bank to strengthen its digital-first model as a top-three universal bank in Estonia, Latvia and Lithuania.
Takeaways
- Luminor is a Pan-Baltic bank serving individuals, families and companies across Estonia, Latvia and Lithuania.
- Blackstone and DNB Bank is selling Luminor to OTP Bank.
- The.
OTP Bank is acquiring Luminor, a pan-Baltic bank serving individuals, families and companies across Estonia, Latvia and Lithuania, from a consortium of private equity funds managed by Blackstone and DNB Bank.
Luminor is the third-largest financial services provider in the Baltic region.
The acquisition will support Luminor’s strategy to strengthen its position as a top-three, universal bank with a digital-first operating model.
OTP Group said it would invest capital and technological expertise into the bank and apply a long-term ownership approach.
“This transaction is an important step in our development,” said Wojciech Sass, Chief Executive Officer of Luminor.
The deal is subject to regulatory approvals.
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