2024-05-04 01:44:43
It reports that OTP has made a non-binding offer for the purchase of “Luminor” to the US investment company “Blackstone“, which owns a controlling stake in “Luminor”.
According to “Bloomberg”, “Blackstone” wants to receive 1.2 times more than its balance sheet value for “Luminor”. The balance sheet value of “Luminor” at the end of 2023 was 1.8 billion euros, so the sale price is estimated at 2.1 billion euros.
OTP operates not only in Hungary, but also in Albania, Bulgaria, Croatia, Russia, Montenegro, Moldova, Serbia, Slovenia, Ukraine and Uzbekistan.
It has already been announced that in January the media reported that “Blackstone” wants to sell “Luminor” and the transaction could take place already this year.
In terms of assets, the Latvian branch of “Luminor Bank” is the fourth largest bank in Latvia.
“Luminor Bank” was established in October 2017 by merging “Nordea Bank” and DNB in the Baltic States, while at the beginning of January 2019, the cross-border merger of “Luminor Bank” was completed, with the bank continuing to operate with the central office in Estonia and branches in Latvia and Lithuania.
In 2018, the US investment company “Blackstone” became the strategic investor of “Luminor Bank” by purchasing a controlling stake. The investment in the capital of Luminor Bank is planned for a term of five to seven years with the possibility of extending it, Nils Melngailis, chairman of the supervisory board of Luminor Group, said in an interview to the LETA agency at the time.
2024-05-04 01:44:43