DNB and Nordea have decided to merge their businesses in the Baltic countries of Estonia, Latvia and Lithuania.
In a press release from the two banks it says they want to “create a leading independent provider of financial services in the Baltic States”.
Luminor will be the third largest financial business in the Baltic back sector, including around 350,000 Nordea customers and 930,000 DNB customers in the three countries.
Nordea and DNB have 1,300 and 1,800 employees and 8 billion euros and 5 billion euros respectively in assets in the Baltic countries.
The agreement was subject to approval by the authorities, and after receiving all necessary approvals from all the respective government agencies, the agreement was concluded on Sunday.
© NTB Scanpix / Norway Today