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COBALT advises Luminor on reorganising its management structure


COBALT advises Luminor on legal aspects of reorganising the company’s management structure. After the restructuring, instead of three banking entities across the Baltics, Luminor will have its headquarter in Estonia and branches in Latvia and Lithuania. The change is planned to take place in January 2019. According to Luminor, the reorganization will make the management structure more transparent and work processes more efficient.

Luminor, the joint venture of DNB and Nordea banks, was established on October 1, 2017, with the aim to create a new generation financial service provider in the Baltic states. COBALT also advised on the creation of Luminor – the largest-ever transaction in the Baltic banking market.

The current assignment involves assisting the client upon establishment of branches in Latvia and Lithuania, the cross-border merger of the existing banking entities, applying for required approvals from the ECB and Baltic financial supervision authorities as well as other legal matters related to the reorganisation. Luminor is advised throughout the entire process by the following team members:

-       Partners Kristel Raidla-Talur, Karina Paatsi and Egon Talur, senior associates Heleri Tammiste, Heili Haabu and Karli Kütt and associates Mattias Tammeaid and Mart Blöndal in Estonia;

-       Partners Gatis Flinters and Sandija Novicka, specialist counsel Andrejs Lielkalns, associates Krišjānis Bušs, Diāna Zepa and assistant lawyer Sabīne Vilka in Latvia;

-       Managing associate Eva Suduiko, senior associate Elena Vėgėlytė and associate Aurelija Balčiūnė in Lithuania.

 Please find the press release of Luminor here.