"Following the European Commission decision to approve the merger between Nordea and DNB, the agreement is to be concluded October 1," said a joint press release by the two banks.
Clients' accounts, payment cards, passwords and access codes are to remain the same for a while, with bank customers using the same banking services they're using now.
Changes in bank services and offering are to appear gradually during the first 100 days of operation.
There may be short disruptions in banking services on October, but clients will be informed ahead of time, Nordea and DNB said.
Luminor is planning to become a leader finance company in the Baltics, "bringing together knowledge about the local market and focus on the client with a long-term Nordic banking experience." Its target customers are to be local and Baltic companies as well as financially active and entrepreneurial people.
On October 1 Luminor will work with a team from the Baltics and Nordics with Erkki Raasuke, board chairman of Luminor Group, as the head of the company.
DNB and Nordea have teamed up in the Baltics to create a joint bank.
According to Latvia's Commercial Banking Association, in June this year Nordea was the fourth largest while DNB was the seventh largest bank in Latvia by asset volume.
