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BRIEF-Banks Nordea, DNB complete merger of their Baltic operations
October 1, 2017 / 6:11 PM / 2 months ago

BRIEF-Banks Nordea, DNB complete merger of their Baltic operations

Oct 1 (Reuters) - NORDEA AND DNB SAY:

* HAVE COMPLETED THE COMBINATION OF THEIR BALTIC OPERATIONS

* AFTER RECEIVING ALL APPROVALS FROM RESPECTIVE REGULATORY BODIES, TRANSACTION CLOSED TODAY.

* THE RESULT OF MERGER, LUMINOR, WILL BE THIRD LARGEST FINANCIAL SERVICES PROVIDER IN BALTIC BANKING MARKET WITH A MARKET SHARE OF 16 PER CENT IN DEPOSITS AND 23 PERCENT IN LENDING.

* LUMINOR WILL COMPRISE NORDEA‘S APPROXIMATELY 350,000 AND DNB‘S 930,000 CUSTOMERS ACROSS THREE MARKETS. OPERATIONS WILL HAVE APPROXIMATELY 3,000 EMPLOYEES AND APPROXIMATELY EUR 15BN IN ASSETS.

* TOTAL GROSS LENDING OF LUMINOR PORTFOLIO WILL AMOUNT TO APPROXIMATELY EUR 12BN INCLUDING BOTH CONSUMER AND CORPORATE LENDING AND DEPOSITS WILL TOTAL EUR 9BN

* LUMINOR WILL HAVE A COMMON EQUITY TIER 1 CAPITAL RATIO OF 17 PER CENT AND A COMMON EQUITY TIER 1 CAPITAL OF EUR 1.6BN.

* NORDEA WILL HOLD 56 PER CENT OF ECONOMIC RIGHTS AND 50 PER CENT OF VOTING RIGHTS OF NEW COMPANY. IN NORDEA‘S RESULTS, LUMINOR WILL BE ACCOUNTED FOR USING EQUITY METHOD FROM Q4 2017. SOURCE TEXT FOR EIKON: FURTHER COMPANY COVERAGE: (Reporting by Gwladys Fouche)

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