DNB to sell shares in Luminor

(Oslo, 13 September 2018) DNB and Nordea, which decided to merge their respective Baltic operations in 2016, have entered into an agreement with Blackstone to sell part of their shares in the merged bank, Luminor.

Luminor Group was established as an independent Baltic bank in 2017, built on the Baltic businesses of Nordea and DNB. Today, Luminor is the 3rdlargest financial services provider in the region, with a 23% lending market share, €15 billion of assets, 3,000 employees and 64 branches across the region. 

The buyer is a consortium led by private equity funds managed by Blackstone, one of the world’s leading investment firms, and with a strong international presence and experience within the financial services sector.

“This is a good deal for both Luminor and the current owners. Luminor has a strong position in the Baltic market, and Blackstone will be a solid majority owner for the next phase of Luminor’s journey,” says Kjerstin Braathen, chief financial officer in DNB.

As part of the transaction, the consortium will acquire a 60% majority stake in the bank from its current owners Nordea Bank AB (“Nordea”) and DNB BANK ASA (“DNB”) for a cash consideration of €1 billion. DNBs stake in Luminor Group was 43,5 per cent before the transaction. After the transaction, DNB will own 20 per cent of the shares in Luminor Group.

“We will stay on as a minority owner in Luminor because we believe the company is well positioned to create value for customers, employees and shareholders. The bank has a strong digital focus, talented staff and broad Baltic operations,” says Braathen.

The transaction as such will not have any significant impact on the DNB Group’s overall financial results. 

For further information, please contact:
Even Westerveld, EVP Group Communication, tel. (+47) 400 16 744
Rune Helland, Head of Investor Relations, tel. ( 47) 23 26 84 00