Original disclosure @ EBRD website
Updated in EWS Mar 12, 2019
Disclosed by Bank Oct 18, 2018
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According to EBRD website, the project aims to support the Issuer raise medium-term funding in the capital markets in order to diversify the funding sources and establish itself as a self-sustainable pan-Baltic financial institution. Further, it will support the resilience of the financial sector and markets by:
(i) increasing the supply of investable listed instruments for local pension funds and other institutional investors
(ii) helping the diversification of the funding sources for the Issuer and decreasing the dependence on the parents and
(iii) supporting an orderly replacement of two Nordic banks, while mitigating the risk to stable and competitive financial intermediation in the Baltic countries.
The Issuer belongs to the Luminor Group. The Luminor Group currently comprises Luminor Group AB and its direct and indirect subsidiaries in Estonia, Latvia and Lithuania. Luminor Group AB, the holding company established in Sweden, has Nordea Bank Abp ("Nordea", Nordea Bank AB (publ) (Sweden) merged into Nordea Bank Abp (Finland) on 1 October 2018) and DNB Bank ASA ("DNB") as its main shareholders, based on an agreement to merge their Baltic operations in Estonia, Latvia and Lithuania. Luminor Group AB owns 100% of the shares of the Issuer, as well as of Luminor Latvia and Luminor Lithuania.
Luminor Group is the third largest financial services group on the Baltic market in terms of total assets and customer loans and deposits (according to the financial statements published by Baltic banks), providing retail, corporate and private banking as well as other financial services.
Project Contact: Max Ehrengren
Email Address: email@example.com; firstname.lastname@example.org
Telephone No.: +372 628 3300; +3726283201
Office Address: Luminor Bank A.S. Liivalaia 45 10145 Tallinn Estonia
ACCOUNTABILITY MECHANISM OF EBRD
The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at email@example.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.