Hungary’s OTP Bank has signed an agreement to acquire the Baltic banking group, Luminor Bank, from US-based private equity fund manager Blackstone and Norway’s DNB Bank, Baltic News reports. OTP Bank had already expressed interest in acquiring Luminor several years ago, LETA reported. Luminor is the third-largest provider of financial services in the Baltic States….
US investment company Blackstone plans to sell Baltic-based Luminor Bank, according to Bloomberg, LETA reports. Blackstone expects to sell the bank for around EUR 1.9bn and to conclude the deal in 2024. Peter Priisalm, head of Avaron Investments, suggested that one potential buyer could be Polish insurance group PZU, while Valeria Kiisk, partner at Redgate…
The Baltic banking group, Luminor Bank, made a net profit of EUR 53.2mn in the second quarter of 2023, which was up 81% from the same period of 2022, ERR reports. The group attributed the sharp rise in profit to an improvement in net interest income. Meanwhile, operating expenses increased by 72% amid investments in…
