Hungary’s OTP Bank has signed a share purchase agreement to acquire Luminor Bank’s parent company, giving the Hungarian banking group a route into all three Baltic markets. The transaction covers 100% of Luminor Holding, although its financial terms have not been disclosed.
OTP Bank announced the agreement on Monday, 20 July, saying it would acquire the shares from a consortium of private equity funds managed by US investment firm Blackstone and from Norway’s DNB Bank.
The deal remains subject to the approval of the relevant regulatory authorities. Until those approvals are secured and the transaction is completed, Luminor will remain under its existing ownership.
OTP Bank to take full control of Luminor
Under the agreement, OTP Bank will acquire 100% of Luminor Holding, the parent company of Luminor Bank.
Blackstone-managed funds currently own just over 80% of the Baltic lender, while DNB holds the remaining stake. The sellers have agreed to transfer their entire shareholdings, meaning OTP would become Luminor’s sole owner after closing.
No purchase price, expected completion date or financing structure was included in the announcements published by the companies.
Luminor recorded total assets of EUR 15.9 billion and a profit after tax of EUR 158 million in 2025. OTP described the target as a stable, strongly capitalised and significant universal bank in the Baltic region.
The lender operates in Estonia, Latvia and Lithuania, providing services to private individuals, families and businesses. Luminor describes itself as the third-largest financial services provider in the Baltic region and operates as a pan-Baltic universal bank.
Acquisition would take OTP Bank into three new markets
The transaction represents a major geographical expansion for OTP Bank, which does not currently have banking subsidiaries in the Baltic states, Market Screener said.
OTP Group presently operates in 11 countries across Central and Eastern Europe and Central Asia, serving close to 17.5 million customers and employing nearly 40,000 people. Its total assets stood at approximately EUR 124 billion at the end of the first quarter of 2026.
As Estonia, Latvia and Lithuania would all be new markets for the Hungarian group, the acquisition would increase OTP’s presence to 14 countries, provided the transaction receives regulatory approval.
The move also fits OTP’s long-standing strategy of expanding through bank acquisitions and seeking strong market positions in the countries it enters. Over the past two decades, the group has built substantial operations in markets including Bulgaria, Croatia, Serbia and Slovenia.
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Luminor expects support for its next growth phase
Luminor said joining OTP Group would support its strategy of strengthening its position as a top-three universal bank in the Baltic states.
The bank highlighted its digital-first operating model, modern IT platform and progress in expanding its customer base. Luminor chief executive Wojciech Sass said the two institutions shared a commitment to customers, long-term value creation and financing the economies of their home markets.
According to Sass, becoming part of OTP would give Luminor the backing of an experienced international banking group with an established presence across Central and Eastern Europe.
Péter Csányi, chief executive of OTP Bank, said the Hungarian group intended to bring capital, liquidity and technological expertise to the acquired institution.
He added that OTP’s objective was to build on Luminor’s existing market position, strengthen its role in the Baltic states and support lending and financial innovation across the region.
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Regulatory approval remains the next major step
As Luminor is a significant bank operating within the European Union, the proposed change of ownership will require scrutiny from the relevant European and national supervisory authorities.
The companies have not said when they expect the approval process to be completed. They have also not announced whether the Luminor name, management structure or customer services will change following the acquisition.
For customers, the agreement does not result in an immediate change. Luminor will continue its existing operations while the parties seek the permissions required to close the transaction.
Should the deal be completed, OTP Bank would gain an established platform across all three Baltic states and Luminor would become part of one of the largest independent banking groups based in Central and Eastern Europe.
Read our article about opening a bank account in Hungary: what you need to know
