Nordea and DNB merge to officially happen on 1 October
In accordance with the recent decision of the European Commission to approve the plans of Nordea and DNB Bank to merge their activities in Baltic States, the business deal will take place officially on 1 October 2017.
Representatives say Luminor is planned to become the leading financial service provided in Baltic region, one that would combine knowledge of the local market and focus on clients using experience acquired in the Nordic banks industry. It is also mentioned that Luminor’s target audience will be local and Baltic region businesses, as well as financially active and decisive residents. Once the deal is done, Luminor will have a talented team of managers from Lithuania, Estonia, Latvia and Nordic countries led by Erki Rāzuke.
Until the two banks merge, they will continue working as two mutually competing entities. Once the deal is done there will be a transition period, after which the two organizations will unite into one – Luminor Bank, as reported by representatives. It is important to note that even after the merge of the two banks, customer service will continue as usual – accounts, account numbers, contracts and payment cards will remain unchanged. All financial commitments will remain unchanged, as well. Luminor will also continue providing financial services as usual.
«This means clients’ bank accounts and payment processing systems will be organized under their current banks’ systems. Until a certain moment, clients will continue using the established services – internet bank, mobile bank and other everyday financial services,» representatives say.