Company name Luminor Bank AS
Headline Luminor completes its banks' cross-border merger


RNS Number : 9224L
Luminor Bank AS
02 January 2019
 

PRESS RELEASE
2 January 2019

Luminor completes its banks' cross-border merger

Starting from 2 January 2019, Luminor will continue its operations in all Baltic countries through the Estonian registered bank and its branches in Latvia and Lithuania. The new simplified structure and governance model enables the bank faster decision making, provides excellent cross-border collaboration opportunities and improves efficiency.

"Since the day Luminor was established, we have been working on our post-merger activities, including legal changes that foresee a full integration of the Baltic banks. We have had a close and constructive collaboration with regulators to complete this critical step on schedule," says the CEO of Luminor, Erkki Raasuke. The new legal setup will enable Luminor to decrease its governance complexity as well as to develop and strengthen the co-operation and synergy within the whole Luminor group. "The step was necessary to support our ambition for building a new-generation financial services provider for Baltic companies and entrepreneurial people," Raasuke added.

As of 2 January 2019, after completion of the merger (also referred to as the "One Bank Project"), Luminor will have a new organizational set up, a new governance structure and new members of management bodies. Erkki Raasuke will continue as Luminor 's CEO and Nils Melngailis will chair the supervisory council. The previous Country Heads, Kerli Gabrilovica and Andrius Načajus will continue leading the Luminor Latvia and Luminor Lithuania branches. The previous Luminor Estonia Country Head, Gunnar Toomemets will lead Luminor Wealth Management pan-Baltic segment.

 

The Luminor Executive Management (the "LEM"), ceased to function as the advisory body, whose role so far was to assist the supervisory councils and the respective management boards of Luminor Estonia, Luminor Latvia and Luminor Lithuania. The permanent committees which were previously established for each Baltic country separately are going forward and operating as single committees on a group level, comprising Audit Committee, Risk Committee, Nomination Committee and Remuneration Committee.

 

The new governance structure of Luminor:

Supervisory Council of Luminor Bank AS

Nils Melngailis, Chairman of the Council

Bjørn Erik Naess, Member of the Council

Jörgen Christian Andersen, Member of the Council

Michael Jackson, Member of the Council

Trygve Young, Member of the Council

 

Management Board of Luminor Bank AS

Erkki Raasuke, Chairman of the Management Board

Christian Wallentin, Member of the Management Board, CFO, Head of Financial division

Kristina Siimar, Member of the Management Board, Head of Products and Offerings

Kerli Gabrilovica, Member of the Management Board, Head of Luminor Latvian branch

Andrius Načajus, Member of the Management Board, Head of Luminor Lithuanian branch

Hannu Saksala, Member of the Management Board, Head of Risk division

 

About the cross-border merger

The cross-border merger agreement was signed on 29 March 2018, and Luminor received the final merger approval from the European Central Bank on 28 June 2018. The cross-border merger, initiated 1 October 2017, is the final stage of post-merger activities that combine DNB´s and Nordea´s Baltic operations. 

After the completion of the merger, all assets, rights and liabilities of Luminor Latvia and Luminor Lithuania were transferred to Luminor Bank AS in Estonia. The bank will continue the same activities in Latvia and Lithuania through its locally established branches. Daily operations and customer service will continue as usual.

Starting from 2 January 2019, the deposits and financial instruments of the depositors and investment services clients of Luminor Bank AS Latvian branch and Luminor Bank AS Lithuanian branch will be guaranteed by the deposit guarantee and investor protection scheme established and operated by the Estonian Guarantee Fund.

 

For further information, please contact Luminor investor relations: ir@luminorgroup.com

 

 

 

 

This announcement has been issued through the Companies Announcement Service of Euronext Dublin.

 

 

 

 

 

 

 


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