The largest Hungarian commercial bank Orszagos Takarek Penztar (OTP), which also operates in Russia, has expressed its desire to acquire Luminor, which operates in the Baltic countries, Bloomberg reports, citing unnamed sources.
According to the agency, OTP has made a non-binding offer to acquire Luminor to US private equity fund manager Blackstone, which owns the majority of Luminor.
According to Bloomberg, Blackstone wants to get a fifth of its book value for Luminor.
At the end of 2023, the book value of Luminor reached 1.8 billion. EUR, which means that the possible sale price would be EUR 2.1 billion. euros.
OTP operates not only in Hungary, but also in Albania, Bulgaria, Montenegro, Croatia, Moldova, Serbia, Slovenia, Russia, Ukraine and Uzbekistan.
Earlier this year, international media reported that Blackstone was preparing to sell Luminor, and the deal could happen this year.
In the fall of 2017, the combined Nordea and DNB Bank Luminor, which started operating in the Baltic States, was unsuccessfully attempted to be acquired by the largest Polish bank, PKO, which took over Nordea’s business in Poland in 2013.
As of September 2022, Blackstone owns 80 percent of shares of Luminor Holding. The remaining stake is managed by Norwegian DNB Bank through DNB Baltic Invest, registered in Sweden.
Editor Svajūnas Laukineitis
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