Baltic, Banks, Financial Services, Mergers and take-overs

According to the press release, Kerli Gabrilovica is a senior executive with almost 20 years of experience and strong background in strategy execution and implementation, corporate and business development, organizational transformation, financial analysis and team management. For more than last ten years she has been heavily involved in executing innovative market strategies and introducing product novelties across the market, occupying executive positions and later on being Board Member of the largest telecommunications company in Latvia Lattelecom. She has extensive experience in marketing, digital solutions, product development and technology.

The entire management team of the new bank was announced today. Andrius Nacajus, currently a board member of DNB bank in Lithuania, will become the Country Head in Lithuania, and Gunnar Toomemets, the head of Private Banking at Swedbank Estonia, has been appointed as the Country Head in Estonia.

"I am pleased to announce this strong and experienced team, which is starting to build future Luminor. We have brought together the solid knowledge of our parent organizations with rich Baltic banking and technology experience. We have many challenges ahead but this makes us only more eager to get started," said Erkki Raasuke, CEO of Luminor.

Other members of the Luminor management team will be Christian Wallentin, Chief Finance Officer; Peter Lunding, Chief Information Officer; Kristina Siimar, Head of Products and Offerings; Hannu Saksala, Chief Risk Officer; and Margus Simson, Head of Digital Channels.

The management team will be supported by Extended Executive Management members, namely, Tina Kukka, Head of Transformation Management Office; Dace Kaulina, Head of Human Resources; Marilin Pikaro, Chief Compliance Officer; Signe Lonerte, Head of Marketing and Communications; and Mari Mois, the Head of Legal Department.

"We aim to become the leading bank in the Baltic region, offering high quality product alternatives rooted in a strong customer service and quality control. The diverse management team of Luminor represents a wide range of leadership and expertise with team members from both Baltic and Nordic countries. This will ensure an innovative environment responsive to customer needs, strong leadership and exciting opportunities for our staff," said Nils Melngailis, Chairman of Luminor Group AB.

As reported, DNB and Nordea will be merging their businesses in all three Baltic states, and the new combined bank will be called Luminor. The transaction is conditional upon regulatory approvals and conditions, and is expected to close around the end of the third quarter of this year The banks will operate independently under current management and existing brands until all necessary approvals have been received.