Blackstone prepares to sell Luminor Bank

US investment company Blackstone is preparing to sell Baltic-based Luminor Bank, as reported by business news agency Bloomberg.
Referencing sources, Bloomberg reports that Blackstone has discussed the topic of the bank’s sale with consultants, and the deal could happen this year.
According to Bloomberg, Blackstone wants the sale price to be 1.2 time larger than the bank’s value. Luminor Bank’s value was EUR 1.6 billion at the end of 2022.
Asset-wise Luminor Bank is the fourth largest bank in Latvia.
In October 2017 Nordea Bank and DNB Bank merged into Luminor Bank. January 2019 marked the conclusion of cross-border merge of Luminor Bank. From there on the bank has been operating from its headquarters in Estonia and branch offices in Latvia and Lithuania.
In September 2018 it was reported that US investment company Blackstone became Luminor Bank’s strategic investor by acquiring the bank’s controlling package of shares. The investment in the capital of Luminor Bank is planned for a term of five to seven years with the possibility to extend it, as LETA was told by Luminor Group’s supervisory board chairman Nils Melngailis.
Also read: BBC: Russian women publicly protest against Russian government’s actions
Follow us on Facebook and X!