The Italian “UniCredit” is within the buy of “Luminor”, stories the media

At the start of Could, it was reported that Luminor Financial institution, which operates within the Baltic States, desires to be purchased by the biggest Hungarian financial institution OTP, which additionally operates in Russia, stories the group “Bloomberg”, citing unnamed sources.

OTP has made a non-binding provide for the acquisition of “Luminor” to the US funding firm “Blackstone”.

In January, the media stated that “Blackstone” desires to promote “Luminor” and that the transaction may occur already this yr.

In response to “Bloomberg”, “Blackstone” desires to obtain 1.2 occasions greater than the worth of the steadiness for “Luminor”. The steadiness sheet worth of “Luminor” on the finish of 2023 was 1.8 billion euros, so the sale worth is estimated at 2.1 billion euros.

OTP operates not solely in Hungary, but additionally in Albania, Bulgaria, Croatia, Russia, Montenegro, Moldova, Serbia, Slovenia, Ukraine and Uzbekistan.

“Luminor Financial institution” was established in October 2017 by the merger of “Nordea Financial institution” and DNB in ​​the Baltic States, and in the beginning of January 2019, the cross-border merger of “Luminor Financial institution” was accomplished, with the financial institution. continues to function with the pinnacle workplace in Estonia and branches in Latvia and Lithuania.

In 2018, the US funding firm “Blackstone” grew to become a strategic investor of “Luminor Financial institution” by buying a controlling share. The funding within the capital of “Luminor Financial institution” is deliberate for a time period of 5 to seven years, with the potential for extension, stated Nils Melngailis, chairman of the board of administrators of “Luminor Group”, in an interview with the LETA group. on the time.

When it comes to belongings, the Latvian department of “Luminor Financial institution” is the fourth largest financial institution in Latvia.