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In total, 83,000 customer data was transferred to a single platform during the year. The bank added that this was the last significant step to introduce an independent banking system and become a permanent service provider in Latvia.
Kerli Gabrilovica, Head of Luminor in Latvia, informed that with the transfer of customer data to a single platform, Luminor has become a single bank for all its customers in Latvia.
“Over the past two years, we have made significant changes, implemented the necessary systems and solutions, and the necessary transaction processing connections. We can now continue to work actively to improve the customer experience and develop digital services and new products,” said Gabrilovica.
The transfer of customer data was the last step for Luminor to become a fully independent bank in Latvia. With the completion of this process, Luminor will continue to provide banking services through a single banking system. Until then, the payment infrastructure and information systems were separated from the previous parent banks – Nordea and DNB -, an independent network of correspondent banks was created, as well as an independent financing structure was strengthened.
Since July 22, all the bank’s customers in Latvia use unified “Luminor” systems, including one internet bank, mobile application, products and services.
“I understand that this was a big change for some of our customers – a new bank card, a new account number to be notified to payment partners and institutions. “I would like to thank our customers for their patience and attention in following the information on data transfer – it has helped us to successfully integrate the banking systems,” said Gabrilovica.
The transfer of Luminor customer data from the Luminor | Nordea system to the single platform took place in ten phases between June 2019 and July 2020, including in the first phases customers using basic products such as Internet banking and debit card, but in each subsequent phase adding users of increasingly complex banking products. In total, more than 83,000 customer data were transferred.
It has already been reported that in October 2017, the joint venture of Nordea and DNB, Luminor Bank, started operating in the Baltic States, while in early January 2019, the cross-border merger of Luminor Bank operating in the Baltics was completed, continuing its operations with headquarters in Estonia and branches in Latvia and Lithuania.
The bank’s strategic investor with a 60% stake is the US investment company Blackstone. At the same time, Blackstone and Nordea have entered into an additional agreement to sell Nordea’s 20% stake in Luminor Bank in the coming years.
In terms of assets, the Luminor branch in Latvia is the third largest bank in Latvia.