Blackstone acquires Nordea’s remaining shareholding in Luminor [Private Equity Insights]

With the purchase of 11.6% of Luminor Holding from Nordea, a consortium led by private equity funds managed by Blackstone now owns 80 percent of Luminor Holding, the parent company of Luminor Bank, the bank announced Thursday.

Nils Melngailis, chair of the supervisory boards of Luminor Bank and Luminor Holding, thanked Nordea for sponsoring the establishment of Luminor and supporting it thereafter, according to a press release. He also acknowledged Blackstone’s support as evidenced by their increased investment in the bank.

“Our improving performance, solid financial standing and prudent risk management means that Luminor, under the executive leadership of Peter Bosek, is well placed to continue the positive momentum it has shown in recent years,” Melngailis said. “This will allow us to expand our activities with individuals and companies across all three Baltic countries.”