The European Commission will announce its decision in the case of a new combined Baltic bank of DNB and Nordea by mid-September this year. According to information available on the Commission’s website, Sept. 14 is the deadline for the commission’s decision on Luminor, the planned new bank that will operate in Lithuania, Latvia, and Estonia.
Nordea and DNB in the fall of last year applied with the national competition authorities for the necessary approvals to merge their operations in the Baltic countries. In light of the regional significance of the new bank, the banks launched consultations with the EU’s executive body. The initial plan was to complete the merger process in the third quarter of 2017, but the date was later pushed back to the fourth quarter.
The new bank has already been registered in Estonia and will provide services in Lithuania and Latvia via local branches. The Nordea and DNB banks will continue to operate independently under their current management and existing brands until all the necessary approvals have been granted.
