Baltic bank Luminor signs on FA Solutions to simplify cross-border ops
Estonia-based bank Luminor has selected cloud portfolio management firm FA Solutions to work on its cross-border operations in the asset and pensions division.
Luminor, which claims to be the third-largest provider of financial services in the Baltic region, was founded in 2017 originally as an offshoot of Nordic banks Nordea and DNB.
60% of the bank’s shares were subsequently sold to private equity firm the Blackstone Group in September 2019.
Luminor has a central office in Estonia and branches in Latvia and Lithuania.
“As Luminor was created through the merger of several entities, we have been working on improving our IT architectures to align with our cross-border business model,” says Rasmus Pikkani, head of asset management and pensions at Luminor Bank.
“FA Solutions’ cloud-based platform provides a single technical solution commonly managed across several locations, allowing us to focus on providing the best service for our customers.”
FA Solutions provides a cloud-based portfolio management platform that automates and centralises operational processes into a single system via multiple application programming interfaces (APIs).
“We are proud to have partnered with them in solving the operational challenges of their cross-border business model,” says Hannes Helenius, chairman at FA Solutions.
“It’s definitely been a two-way learning curve and we’re really happy with how smooth the process was in every country considering the size and scope of the business.”