OTP Bank to Acquire Luminor Bank, Strengthening Baltic Presence
Hungary's OTP Bank Group has signed an agreement to acquire Luminor Bank, becoming a major player in the Baltic financial market.
OTP Bank, one of the leading banking groups in Central and Eastern Europe, has signed an agreement to acquire Luminor Bank, the third-largest banking group in the Baltic region with operations in Estonia, Latvia, and Lithuania. The sellers are a consortium of private equity funds managed by Blackstone and DNB Bank.
The deal will increase OTP Group's total assets by approximately 13% and raise the share of eurozone operations in its net loan portfolio from 42% to 50%. This move expands OTP's presence to 14 countries and boosts its total assets by over 10%.
"The acquisition of Luminor is not just geographic expansion—it is a strategic entry into a developed and stable region with significant growth potential," said Peter Csanyi, Chairman of OTP Bank's Board. He emphasized that OTP will invest capital, liquidity, and technological expertise to strengthen Luminor's market position and foster financial innovation.
Wojciech Sass, Chairman of Luminor's Board, stated that the transaction is a significant step in the bank's development and that, as part of OTP, Luminor will be supported by an experienced international banking group. He thanked employees for their contribution.
OTP Group serves over 17.5 million clients and has total assets exceeding €130 billion. Since 2001, the group has successfully completed 25 bank acquisitions. In 2025, OTP achieved a return on equity above 21% and was recognized by The Banker as the largest bank in Central and Eastern Europe for the third consecutive year.
In 2025, Luminor posted a profit of €158 million and achieved a return on equity of 8.6%. As of December 31, 2025, its CET1 ratio stood at 20.2% and total capital adequacy ratio at 24.6%.
The completion of the transaction is subject to regulatory approvals.
