Danske Bank sells its corporate portfolio to Luminor
The Ellex team of Associate Partner Valters Diure, Senior Associate Roberts Rimša and Associate Eduards Dzintars advised Danske Bank on the sale of its corporate portfolio to Luminor. The portfolio consists of Latvian corporate customers of Danske Bank and includes loan, leasing and guarantee agreements.
This transaction is in line with Danske Bank’s 2019 announcement on the winding down of its banking activities in the Baltics in order to focus on its Nordic core markets. Danske Bank is a Nordic bank with strong local roots and bridges to the rest of the world with a history of more than 145 years. In addition to banking services, it provides services in the fields of life insurance and pensions, mortgage finance, asset management, real-estate and leasing.
Luminor is the third-largest provider of financial services in the Baltics, providing banking and financial services to help individuals, companies and institutions grow in its home markets of Estonia, Latvia and Lithuania.