June 28, 2021.
The information was prepared by Elīna Šakirova, Luminor Public Relations Project Manager.
Luminor Bank has provided financing in the amount of 680 thousand euros to one of the leading pharmaceutical wholesale and logistics service providers in the Baltics. The funding is intended for long-term investments to expand operations in order to almost double the storage capacity of medical supplies.
With the financing granted by Luminor, the company SIA Oribalt Group plans to move the business to larger and more suitable warehouse and office premises with a total area of 4,500 square meters. The new office space is planned to cover 500 square meters, and the warehouse – 4,000 square meters, which is 1,400 more than the premises where the company stored pharmaceutical and healthcare products so far.
“During the pandemic, the demand for various medicines and other medical products naturally increased. As a result, pharmaceutical wholesalers also had to adapt to the new business conditions and growing demand. We are happy to support the Oribalt Group in its next growth phase to further develop pharmaceutical wholesale distribution and logistics services, “says Ilze Zoltnere, Head of Luminor ‘s Corporate Department.
SIA Oribalt Group operates in all three Baltic countries, providing a wide range of products and services. In Latvia, the company mainly wholesales pharmaceutical products, offers warehousing and logistics services, as well as provides health-promoting products in the market. At the same time, the company offers advertising and marketing services to pharmaceutical manufacturers, as well as owns an online pharmacy www.internetaptieka.lv.
By SIA Oribalt Group:
SIA Oribalt Group was founded in October 2017 after the acquisition of Oriola Oy’s subsidiaries in the Baltic States. The company provides wholesale, retail and logistics services for medicines, medical products, food supplements, cosmetics and other products in all three Baltic countries.
By Luminor:
Luminor is the third largest financial services provider in the Baltic States with approximately 870 thousand customers, 2,300 employees, as well as 14.9% market share in deposits and 16.9% market share in lending at the end of March 2021. Luminor’s equity is 1.7 billion euros, with the Common Equity Tier 1 capital ratio (CET1) reaching 23.4%.
Additional information:
Elīna Šakirova,
Luminor Public Relations Project Manager
Phone: 28876394
E-pasts: [email protected]
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