Company name Luminor Bank AS
Headline Luminor reorganizes its business in the Baltics


RNS Number : 8772O
Luminor Bank AS
04 February 2019
 

PRESS RELEASE

RELEASE TIME 4.02.2019 7.30 GMT

 

Luminor accelerates transformation by reorganizing its business in the Baltics

During 2019 Luminor will be simplifying its operating model and reducing its staff numbers from the current ca 3000 employees, at all levels (including management), comprising around 130 employees in Estonia, 250 employees in Latvia and 420 employees in Lithuania.

After having completed the cross-border merger, whereby Luminor continues its operations in all the Baltic countries through the Estonian registered bank and its branches in Latvia and Lithuania, the company has entered the next phase of transformation and changing its operating model.

Luminor aims through consolidating technological platforms, right-sizing the business, simplifying the product and service portfolio and increasing efficiency, significantly reduce operating expenses, accelerate transformation to build and execute in areas of superior customer experience and ensure higher capacity to invest for the future.

To support the change, the new operating model foresees simplifying bank's business processes and reorganizing duplicated functions and areas where new technological approaches and organisational solutions are being introduced. As a part of the process, Luminor is also decreasing team sizes and entering collective redundancy.

Luminor has informed and involved in the process the relevant public authorities in Estonia, Latvia and Lithuania with regard to its planned reductions, including trade unions in Estonia and Latvia and the Labour Council in Lithuania. The redundancy process is run according to the local legislations, whereby all redundant employees are eligible to extra severance and additional support. 

 

Daily operations and customer service will continue as usual.

 

Luminor investor relations: ir@luminorgroup.com

 

 

 

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


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