COBALT advised Luminor on obtaining an approval from the European Central Bank for carrying out a cross-border merger in the Baltics. The merger, which is expected to be completed by 2 January 2019, foresees full integration of Luminor banks across the Baltics, continuing operations in all Baltic countries through Estonian bank and its registered branches in Latvia and Lithuania.
Luminor, the joint venture of DNB and Nordea banks, was established on 1 October 2017, with the aim of creating 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 thus far.
Legal assistance to Luminor was provided by the following COBALT pan-Baltic team members:
- Partners Kristel Raidla-Talur, Karina Paatsi and Egon Talur, senior associates Heleri Tammiste, Heili Haabu, Karli Kütt and Mattias Tammeaid, associate Mart Blöndal, and assistant lawyer Julija Kostomarova in Estonia;
- Partners Gatis Flinters and Sandija Novicka, specialist counsel Andrejs Lielkalns, associates Krišjānis Bušs, Diāna Zepa and assistant lawyer Sabīne Vilka in Latvia;
- Partner Dr Irmantas Norkus, managing associate Eva Suduiko, senior associates Aurelija Balčiūnė and Jovita Valatkaitė in Lithuania.
Please find the link to the press release issued by Luminor here.