Cobalt has advised Luminor on its successful application to the European Central Bank for permission to merge all its banks in the Baltics.
The merger, which is expected to be completed by January 2, 2019, foresees the full integration of Luminor banks across the Baltics, continuing operations in all Baltic countries through an Estonian bank, with registered branches in Latvia and Lithuania.
Luminor, the joint venture of DNB and Nordea banks, was established on October 1, 2017 (as reported by CEE Legal Matters on October 9, 2017) with the aim of creating a new generation financial service provider in the Baltic states. Cobalt also advised on the creation of Luminor (as reported by CEE Legal Matters on October 12, 2017).
The Cobalt team in Tallinn consisted of Partners Kristel Raidla-Talur, Karina Paatsi, and Egon Talur, Senior Associates Heleri Tammiste, Heili Haabu, Karli Kutt, and Mattias Tammeaid, Associate Mart Blondal, and Assistant Lawyer Julija Kostomarova.
The Cobalt team in Riga included Partners Gatis Flinters and Sandija Novicka, Specialist Counsel Andrejs Lielkalns, Associates Krisjanis Buss and Diana Zepa, and Assistant Lawyer Sabine Vilka.
The Vilnius Cobalt team consisted of Partner Irmantas Norkus, Managing Associate Eva Suduiko, and Senior Associates Aurelija Balciune and Jovita Valatkaite.