Interim report for Q1 2018 published | Luminor

On 29 May 2018 the Luminor Latvia interim report for Q1 2018 was published.

“During the Q1 2018 we continued our work focusing on serving our customers, implementing post-merger integration projects and working on development of Luminor services and digital solutions,” says Kerli Gabrilovica, Country Manager of Luminor Latvia. “We created new client service models for all segments and are proceeding with their implementation now. We will continue our work on the development of digital channels in order to introduce the clients to simple and understandable products and convenient technological solutions.”

“Throughout the past few months we have strengthened our positions reaching market share of around 25% in lending thus becoming the largest financial partner by issued loans in Latvia and 15% in deposits that corresponds to the second largest market player,” emphasizes Gabrilovica. “Among recent deals we have financed, there are 21.28 million euro funding for the purchase deal of Olaine Logistics Park and 3.6 million euro funding for the acquisition transaction by “Amber Beverage Group” in Australia.”

Luminor Latvia Q1 2018 interim report.

Comments by Erkki Raasuke, CEO of Luminor Group: "The first two quarters of existence have been busy for Luminor. We are merging six organisations in three countries, executing heavy regulatory agenda and building the foundation for our future growth. Bust most importantly, we are serving our large customer base and ensuring that their daily banking operations are carried on uninterrupted and with increased quality. Considering our transformation related challenges, I would argue that we have managed our work well. I am deeply thankful to many Luminor employees, who have worked very hard to take us here.

Luminor’s goal is to become contemporary financial service provider for Baltic companies and financially active people. We are building on existing sizable business but we also realise the magnitude of the task and our humble starting position in many areas. We are determined to invest into renewal of our offering, to re-build the digital channels and to put our target customer in the centre of everything we do. We do it for our customers as much as we are doing it for our community and for ourselves. Luminor has all the ingredients to be the most exiting change journey in the Baltic financial services market.”

Luminor is a contemporary, new-generation bank and financial services provider in Estonia, Latvia and Lithuania with a local understanding of its home markets and customer needs. Built on the extensive experience of the two leading Nordic banks, Nordea and DNB, Luminor is the third-largest financial services provider in the Baltic region, with a market share of 16% in deposits and 23% in lending. With its customer base of 1.3 million clients and its team of 3000 professionals, Luminor aims to become a leading financial services provider for Baltic businesses and entrepreneurial people.

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