Although the agreement that was finally secured took three years of negotiations between the EFTL (recently formed Estonian Financial Sector Employees) and Luminor Bank (the Baltic region’s third largest bank following a merger between Sweden’s Nordea and Norway’s DNB Baltic operations) the document is technically termed a ‘Letter of Good Intentions’. It represents a victory for both the Estonian union as well as the Nordic union movement, which had backed the negotiations. This agreement is the first of its type to be concluded in the financial sector of a Baltic country.
An agreement confirming union recognition. On 26 January and following several years of negotiations, an agreement was finally secured between the EFTL union and management at Luminor Estonia. Luminor bank is the Baltic region’s third largest financial institution after Swedbank and SEB. It is headquartered in Estonia and comprises a branch network that extends to Lithuania and Latvia. The EFTL was established in 2013 (c.f. article No. 130701). 65% of Luminor’s employees are members of a...
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