Merger of Luminor in Lithuania, Latvia and Estonia
Luminor bank has entered into final stage of it’s integration in the Baltics by finalizing the legal part of it’s integration. The merger foresees full integration of the banks, continuing its operations in all Baltic countries through Estonian bank and its registered branches in Lithuania and Latvia. The cross-border merger and legal changes is expected to be completed by 2 January 2019.
As legal part of the integration mainly has minimal impact for customers and business partners, some details of the legal merger are important for both.
All commitments will remain valid as all assets, rights and liabilities of Luminor Lithuania will be transferred to Luminor Estonia. The bank will continue the same activities in Lithuania through the locally established branch.
Estonian Guarantee Fund (Tagastifond) will take over the protection both for customers’ deposits and investments. The protection for deposits will remain the same as present and consist 100 thousand Eur per each depositor per credit institution. The maximum amount of guarantee will be 20 thousand Eur per investor per investment service provider. Pensions depository function will also be taken over by Luminor Bank AS in Estonia represented by Luminor Bank AS Lithuanian branch.
Business partners should notice that once the cross-border merger takes into effect, new attributes of Luminor Bank AS Lithuanian branch shall be used.