Black­stone foun­da­tion be­comes Lu­mi­nor Bank’s strate­gic in­vestor

Baltic News Network - - News -

Black­stone Group L.P in­vest­ment fund has be­come the strate­gic in­vestor for Lu­mi­nor Bank. This fund’s in­vest­ment is EUR 1 bil­lion, as re­ported by the bank.

As part of the deal, Black­stone will pur­chase 60% of Lu­mi­nor Bank’s shares and be­come a ma­jor­ity share­holder along­side Nordea Bank and DNB Bank ASA, which own 20% each. At the same time, Black­stone and Nordea Bank have signed an ad­di­tional deal on the sale of Nordea’s 20% of shares in Lu­mi­nor Bank in the next twelve months.

It is planned to fol­low up on this deal in the first half of 2019, af­ter re­ceiv­ing ap­proval from Euro­pean Cen­tral Bank and lo­cal su­per­vi­sory in­sti­tu­tions. Lu­mi­nor Group coun­cil chair­man Nils Mel­ngailis said that Black­stone is the world’s lead­ing part­ner in the man­age­ment of trans­for­ma­tion of large com­pa­nies.

Ac­cord­ing to him, Black­stone’s par­tic­i­pa­tion will en­sure grad­ual growth for the bank, as well as in­tro­duce world stan­dards and knowl­edge in cus­tomer ser­vice to ac­com­plish Lu­mi­nor’s goal – be­come an in­de­pen­dent fi­nan­cial ser­vices group in the Baltic re­gion. Mel­ngailis also men­tioned that this deal rep­re­sents the en­try of a ma­jor in­vest­ment player to the re­gion. «This is proof and a strong sig­nal for sta­ble eco­nomic growth and ben­e­fi­cial in­vest­ment en­vi­ron­ment in Baltic States. As the big­gest pri­vate cap­i­tal deal of re­cent years in in Baltic States, Black­stone’s de­ci­sion to in­vest in Lu­mi­nor proves that our cho­sen strate­gic di­rec­tion is cor­rect. Lu­mi­nor’s longterm plan is be­com­ing a busi­ness reg­is­tered with the stock mar­ket,» he said.

Lu­mi­nor Group man­ager Erkki Raa­suke stresses that cus­tomer ser­vice will re­main a pri­or­ity for the bank. On top of that, the new strate­gic in­vestor will also pro­vide many ad­van­tages for clients and Lu­mi­nor team over the course of the next year.

«There is no other lo­cal fi­nan­cial ser­vice provider with an in­de­pen­dent man­age­ment that pro­vides ser­vice in all Baltic States. Our co­op­er­a­tion with Black­stone will help strengthen this po­si­tion is se­cure Lu­mi­nor the nec­es­sary cap­i­tal for in­vest­ments to help de­velop dig­i­tal of­fers and ex­pand the as­sort­ment of prod­ucts and ser­vices,» he said.

The full ar­ti­cle is avail­able on

Ieva Leiniša/LETA

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