aA
The US private equity giant Blackstone Group's acquisition of a majority stake in Luminor, one of the largest pan-Baltic banks, is likely to be closed in the second half of 2019, rather than in the originally planned first half of the year.
Luminor
Luminor
© DELFI / Domantas Pipas

"The extension of the completion date was due to lengthier-than-planned administrative preparation. Therefore, the process will take longer than we planned," Giedre Bielskyte, head of communication at Luminor's Lithuanian branch, told BNS.

"We are confident that the transaction will be finalized in the second half of this year," she added.

Nordea, one of Luminor's current shareholders, said in its first-quarter report released this week that Blackstone, which is yet to obtain approvals from the Baltic regulators and the European Central Bank, is "in the final stages of the pre-filing process".

"Therefore timing of transaction completion will most likely be during the second half of 2019," the Nordic financial group said.

The European Commission cleared the deal in January.

It was reported last September that a consortium led by Blackstone Group was buying a 60 percent stake in Estonia-registered Luminor and would own the bank jointly with its current shareholders, Nordea Bank and DNB.

Created through the merger of Nordea's and DNB's operations in the Baltics in 2017, Luminor is headquartered in Estonia and has branches in Lithuania and Latvia. The bank says it is the Baltics' third-largest financial services provider with a 16 percent market share in deposits and 22 percent of loans.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.

Delfi’s Lie Detector – the best fact-checking success story in Europe, to be introduced at international Facebook event

Delfi team from the project Lie Detector , which fact-checks the content distributed on social...

Grigeo Klaipeda faces fine up to EUR 5 mln

A year after Grigeo Klaipeda, a Klaipeda-based cardboard producer that is part of the Grigeo group,...

Minister says temporary economic difficulties due Belarus sanctions 'justified'

Lithuanian Economy and Innovation Minister Ausrine Armonaite says that temporary economic difficulties...

US institutions' probes of commercial banks come into Lithuanian lawmakers' focus

Lithuanian lawmakers vow to look into the situation around US institutions' alleged investigations...

MP: Belarusian spa's workers must understand the risks

Employees of Belorus, a Belarusian state-owned spa whose bank accounts have been frozen due to EU...

Top news

Emigration remains high despite pandemic and Brexit

Scientists expected substantial changes in migration patterns in Lithuania amid coronavirus...

Lithuania ranks 4th in Europe by COVID-19 case rate 2nd by death rate

Lithuania ranks fourth by 14-day COVID-19 case notification rate among the European countries...

Rafaela Lindeberg and Ott Ummelas | D+

Sweden shuns NATO as stability outweighs worries about Russia

Sweden’s top defense official said staying out of NATO remains the best security option for the...

First month in office of new government: who garnered most media

Health Minister Arunas Dulkys garnered the most media attention in the first month in the office of...

Lithuania registers 13 pct more deaths in 2020

Lithuania registered 13 percent more deaths in 2020 than in 2019, the country's statistics office said...