Nordea and DNB have completed the combination of their Baltic operations
On 25 August 2016 Nordea and DNB entered into an agreement to combine their operations in Estonia, Latvia and Lithuania in order to create a leading independent main financial services provider in the Baltics. The completion was conditional upon receiving regulatory approvals and conditions. After receiving all approvals from the respective regulatory bodies, the transaction closed today. Luminor will be the third largest financial services provider in the Baltic banking market with a market share of 16 per cent in deposits and 23 per cent in lending. Luminor will comprise Nordea’s