OTP Bank has signed an agreement to acquire Luminor, the third-largest banking group in the Baltic region, as it looks to expand its presence in the region.
OTP Group is a leading banking group in Central and Eastern Europe, serving 17.5 million customers across 11 countries. It has continued to operate in Russia after the start of the full-scale invasion and was temporarily sanctioned by Ukraine in 2023.
Luminor is the third-largest provider of financial services in the Baltic region. In 2025, the bank generated a net profit of EUR 158 million.
On July 20, the OTP Group said in a statement that it had signed an agreement with a consortium of private equity funds managed by Blackstone and DNB Bank to buy Luminor.
“The acquisition of Luminor is not merely a geographical expansion; it represents a strategic entry into a developed, stable region with significant growth potential,” said Peter Csanyi, chief executive officer of OTP Bank.
The company’s goal is to strengthen Luminor’s role in the Baltics and “contribute to the development of the region’s financial system, lending activity and financial innovation.”
Chief Executive Officer of Luminor Wojciech Sass said the deal will give the pan-Baltic bank the support of an experienced international banking group with a strong presence across Central and Eastern Europe.
Completion of the transaction is subject to obtaining the necessary regulatory approvals.
Luminor Bank AS was formed on October 1, 2017, when the merger of the Baltic units of DNB and Nordea was completed. (ERR)