Luminor acquires part of Danske Bank’s corporate customer portfolio in Lithuania
Luminor Bank has signed a contract for the acquisition of part of Danske Bank’s corporate portfolio worth approximately 40 million Euros. The portfolio consists of Danske Bank’s corporate loans in Lithuania.
This is Luminor’s second credit portfolio acquisition as it continues to grow its lending operations. Luminor acquired its first credit portfolio of corporate loans, leasings and guarantee agreements in Latvia in April. These acquisitions are in line with Luminor’s strategic expansion in corporate lending, as well as its commitment to being a trusted banking partner for local businesses in the Baltics.
The current phase of Luminor's strategy is focused on our customers and business growth. Our priorities are to increase customer satisfaction, grow our lending, notably in mortgages and to SME customers, and raise our level digitization and automation.
Commenting on the transaction, Head of Corporate Banking of Luminor in Lithuania Jonas Urbonas said: “Our acquisition of this high-quality customer corporate loan portfolio marks an important step in our growth journey and strengthens our commitment to supporting local Baltic businesses. This is the second strategic acquisition this year. These transactions help us to expand our services in Lithuania and Latvia in line with our goals. We aim to be the preferred partner for local people and businesses while achieving best-in-class customer satisfaction.”
All customers, whose contracts will be transferred to Luminor, will be contacted directly by Luminor and Danske Bank.
As previously announced, Danske is withdrawing most of its business activities from the Baltics except for the Lithuania Danske Shared Services Centre.
Luminor is the leading independent bank in the Baltics and the third-largest provider of financial services in our region. We serve the financial needs of individuals, families, and companies. Just like our home markets of Estonia, Latvia, and Lithuania we are young, dynamic, and forward looking. Further information about us can be found at luminor.ee.