OTP Bank Agrees to Buy Luminor in Baltic Expansion

Luminor was formed in 2017 by merging the Baltic operations of DNB Bank and Nordea Bank and has grown into the region’s third-largest banking group, serving retail and business customers in Estonia, Latvia and Lithuania. For Hungary-based OTP Bank, which has built a broad Central and Eastern European franchise, the acquisition offers an entry into developed euro-area markets and a larger, more geographically diversified earnings base.

OTP Bank signed an agreement on July 20, 2026, to acquire 100% of Luminor from a consortium of private equity funds managed by Blackstone and DNB Bank. Financial terms were not disclosed, and closing remains subject to regulatory approvals. Luminor reported €15.9 billion in assets and €158 million in 2025 profit after tax. OTP expects the deal to lift group assets by about 13%, expand its footprint to 14 countries and raise euro-zone operations’ share of net loans to 50% from 42%.