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…
Home prices in Lithuania and Estonia have risen several times faster than the European Union average over the past five years, according to new data from the bloc’s statistics agency, Eurostat. Eurostat figures show residential property prices have increased by nearly 80% in Lithuania since the beginning of 2021, the sharpest rise among the three…
Plans for a new electricity connection between Estonia and Latvia will go on display today after two years of discussions. However, it remains unclear when the project could be completed. The new connection will strengthen Estonia’s security of supply, improve the functioning of the electricity grid and create better opportunities for the use and export…
Latvia’s inability to complete Rail Baltic construction by the set deadline will inevitably end up costing Estonia as well, Auditor General Janar Holm has said. The Riigikogu Anti-Corruption Select Committee discussed the Rail Baltica construction schedule, the sustainability of its financing and the main risks related to the project’s implementation on June 8. Sander Salmu,…
The European Bank for Reconstruction and Development (EBRD) has lowered its economic growth forecasts for all three Baltic States for both this year and next year. According to the bank’s latest projections, Latvia’s gross domestic product (GDP) is expected to grow by 2.0% this year, down from the 2.2% forecast published in February. The forecast…
The Baltic countries agree that clock changes should be abolished and that permanent summer time should be adopted. However, since Finland would prefer permanent wintertime, Estonia does not want to create a time difference with them, meaning no decision is expected in the near future. The idea of ending clock changes in Europe dates back…
Estonia, Latvia and Lithuania all tentatively back switching to permanent summer time following a recent discussion by the Baltics’ transport ministers. While all three Baltic countries fundamentally support the transition to permanent summer time, or daylight saving time (DST), outgoing Transport Minister Atis Svinka says broader public discussion is still needed on the issue. A…