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October 3, 2017

Nordea and DNB complete merger of Baltic operations

Swedish bank Nordea and Norwegian lender DNB have completed the combination of their businesses in Estonia, Latvia and Lithuania, resulting in the creation of the third largest financial services provider in the Baltic region.

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The deal, which was announced in August 2016, was closed after receiving all necessary regulatory approvals.

The combined entity, known as Luminor Bank, will have a deposit market share of 16% and lending market share of 23%.

The new group will include around 350,000 customers of Nordea and 930,000 customers of DNB across the Baltics. It will manage around €15bn in assets and employ nearly 3,000.

Nordea will own 56% of the economic rights and 50% of the voting rights in Luminor.

The bank eventually plans to list on a stock exchange, and harmonise its ATM network.

Luminor CEO Erkki Raasuke said: “We are the only bank to focus solely on the Baltic countries. The rest are either Nordic banks who also operate in the Baltics or small banks who only operate on the local market. Our bank is deliberately very local.”

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
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Enter your details here to receive your free Report.

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