Banks, Financial Services, Labour-market

The current Luminor Bank CEO Erkki Raasuke has decided to leave the group ahead of the next stage of Luminor's evolution. Raasuke will continue to lead the company in the interim and will leave at the end of the year following a suitable handover process.

"I have decided that it is the right time for me to step down and hand the position over to someone who has the expertise needed to carry Luminor's transformation successfully forward to the next stage of growth. I believe Peter Bosek is an excellent fit for the business and the bank will go on to achieve great things under his leadership," said Raasuke.

Bosek has been working at Austrian financial services group Erste Group for the past 24 years, where he was CEO of Erste Bank and chief retail officer of Erste Group.

Bosek's appointment is subject to customary approval by European Central Bank.

Bosek's arrival at Luminor comes at a pivotal point for the business as it enters the third stage of its transformation, building upon the foundations established by the team led by Raasuke, said the bank, reminding that Luminor was formed by merging the Baltic operations of Nordea and DNB to create a new independent bank in 2017. 

Raasuke joined the preparation project and led the cross-border merger and restructuring of the Luminor banking group along with a significant investment in the bank by a Blackstone-led consortium.

Luminor Bank Supervisory Council Chairman Nils Melngailis said that Bosek had an impressive reputation for innovation, digitization and motivating management teams, as well as a strong background in banking that will benefit Luminor immensely.