Blackstone approach gives Nordea, DNB a path out of the Baltics

A group of buyers, led by US asset manager Blackstone, are acquiring a majority stake in the Baltic banking unit Luminor, owned by Nordea and Norway's DNB.

Photo: RItzau Scanpix/AP/Mary Altaffer

A investor group under the leadership of Blackstone has agreed to pay Nordea Bank AB and DNB ASA EUR 1 billion in a deal that helps the Nordic lenders cut their exposure to the Baltic region.

Nordea and DNB will sell 60 percent of Luminor, leaving each with 20 percent of the Baltic lender, the two banks said on Thursday.

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