Baltic, Banks, Financial Services

International Internet Magazine. Baltic States news & analytics Sunday, 22.09.2019, 03:13

Luminor to step up business lending after overhaul (media)

BC, Vilnius, 11.09.2019.Print version
The Luminor bank has confirmed it has restructured its loan portfolio and says it plans to step up business lending, the Verslo Zinios business daily writes, with some businessmen having told the daily about their stalling cooperation with the bank, referred LETA/BNS.

Jonas Urbonas, head of corporate banking at Luminor in Lithuania, says the bank was focus on internal restructuring following the merger of Nordea and DNB.

"We ate no ready to step up our market participation and we plan to expand our portfolio of business loans," Urbonas told the daily.

LETA/BNS reminds that Luminor was established in 2017 after the Nordic banks of Nordea and DNB merged their Baltic operations. A contract on the sale of 60% of Luminor's shares to US investment company Blackstone was signed in September,2018 with the Bank of Lithuania and European Central Bank yet to approve the deal that is expected t be completed in the second half of this year.


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