Luminor CEO Erkki Raasuke said that one of the objectives of Luminor has been to establish an independent correspondent banking network and payment infrastructure.
City has become Luminor's global counterparty in several areas. Luminor now has a direct correspondent banking relationship with Citi via a USD nostro account as well as nostro accounts in other main currencies.
Luminor plans to switch its cross-border payment flows serviced by DNB Bank ASA and Nordea Bank Abp to direct nostro accounts with new counterparty banks by the end of 2019. Customers will be informed of any changes in payment requisites. DNB and Nordea will remain as Luminor's correspondent banks for Nordic currencies.
