Luminor Bank selects FIS Ambit Focus for risk management

Estonia-based Luminor Bank has selected FIS and its Ambit Focus system to cover the lender’s risk operations in the Baltics.

Founded in 2017, Luminor has around 900,000 customers. The lender is an offshoot of the Baltic operations of Scandinavian banks Nordea and DNB. With the support of its major backers, Luminor has become the third-largest lender in the Baltics.

60% of the bank’s shares were subsequently sold to private equity firm the Blackstone Group in September 2019. Blackstone and Nordea have agreed the former will also purchase Nordea’s remaining 20% share.

Luminor has a central office in Estonia and branches in Latvia and Lithuania.

Based in the FIS private cloud, Ambit Focus provides “versatile simulation and stress scenario capabilities” for risk and regulatory requirements.

Olof Sundblad, head of treasury at Luminor, says the FIS deal enables the bank to “vastly improve” its ability to manage risk and “maximise its liquidity”.

Luminor uses Eurobase’s Siena solution across its treasury and trading operations. It also deploys FA Solutions for its cross-border assets and pensions, and Ondato for customer onboarding.

“The way banks measure and report on market and liquidity risk is changing quickly,” says Nasser Khodri, head of capital markets sell side at FIS. “A growing percentage of capital markets firms [are] now placing an increased reliance on cloud and managed services.”