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Luminor today announced the acquisition of part of Danske Bank’s corporate portfolio worth approximately 35 million euros. The portfolio consists of corporate customers of Danske Bank in Latvia and includes loan, leasing and guarantee agreements.

This transaction is Luminor’s first credit portfolio acquisition and reflects Luminor’s strategic expansion in corporate lending within the Baltics, as well as its commitment to being a trusted banking partner for local businesses.

Luminor has entered the next stage of its transformation. The next phase of growth will focus increasingly on customer-satisfaction and digital development, ensuing growth for both Luminor and its customers.

The customers included within the acquired portfolio will benefit from the substantial technological investments Luminor has made in its platform in recent years, such as the successful migration of its IT infrastructure to IBM Cloud for Financial Services.

Commenting on the transaction, Head of Corporate Banking of Luminor in Latvia Ilze Zoltnere said:

“Our acquisition of this high-quality corporate loan and customer leasing portfolio marks an important step in our growth journey and our commitment to support local businesses. This strategic diversification in our service offering in Latvia is underpinned by Luminor’s ambition to be the preferred partner for local people and businesses while achieving best-in-class customer satisfaction.”

All customers, whose contracts will be transferred to Luminor, will be contacted directly by the company.

Luminor is the third-largest provider of financial services in the Baltics, providing banking and financial services to help individuals, companies and institutions grow in its home markets of Estonia, Latvia and Lithuania. Luminor has some 900,000 clients, 2,355 employees, and a market share of 16.3% in deposits and 17.4% in lending as at the end of September 2020. Luminor has total shareholders’ equity of 1.6 billion EUR and it is well-capitalised with a CET1 ratio of 22.0%.

 

 

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