Ellex Klavins has advised Danske Bank on the sale of its corporate portfolio to Luminor. Sorainen advised the buyer on the deal. The parties did not disclose the financial details.
Luminor is the third-largest provider of financial services in the Baltics, providing banking and financial services to individuals, companies, and institutions in Estonia, Latvia, and Lithuania.
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.
The portfolio consists of Latvian corporate customers of Danske Bank and includes loan, leasing, and guarantee agreements.
Ellex’s team included Associate Partner Valters Diure, Senior Associate Roberts Rimsa, and Associate Eduards Dzintars.
Sorainen’s team in Riga included Partner Rudolfs Engelis, Senior Associate Inese Heinacka, and Associate Agneta Rumpa.