Sale of Luminor bank possible

Blackstone, a US investment company, is planning to sell Luminor Bank, a bank operating in the Baltic States, the business news agency Bloomberg reports.

Citing informed sources, Bloomberg writes that Blackstone is consulting with advisers about the bank's sale and the deal could happen this year.

According to Bloomberg, Blackstone wants a potential sale price of 1.2 times the company's book value. Luminor had a book value of 1.6 billion euros at the end of 2022, according to Bloomberg.

Luminor Bank's branch in Latvia is the fourth largest bank in Latvia, ranking by assets.

In October 2017 Nordea Bank and DNB joint bank Luminor Bank started work in the Baltic States, while in early January 2019 the cross-border merger of Luminor Bank working in the Baltic States was completed, as the bank continued operations with the central office in Estonia and branches in Latvia and Lithuania.

In September 2018, it was announced that Blackstone, a US investment company with a majority stake, would become a strategic investor in Luminor Bank. 

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