Nordea expanded into Poland, the Baltics and Russia in the early 2000s, with 2% of total revenues from the Poland and Baltics region. Nordea divested of Polish operations in 2013, with the sale to PKO Bank Polski for €694 million. By end 2014, lending in the Baltics was €8.2 billion and in Russia €4.5 billion. During the period 2013-2017 exposure to the Russian market was reduced by 63%. In 2016, Luminor was formed by a merger of Nordea's and DNB's operations in Estonia, Latvia and Lithuania creating the third largest Baltic regional bank with assets of €15 billion and a market share of 16.4%. Luminor was sold to Blackstone, with Nordea and DNB retaining each initially a 20% share. However, the full divestment was completed in 2019. Exit from the Russian, Baltic and Polish markets were part of Nordea's de-risking strategy, which also included reduced exposures to some sectors (e.g. Shipping, Oil & Offshore and Agriculture in Denmark). Nordea was one of the Nordic banks, including Danske Bank, SEB and Swedbank, allegedly involved in the money laundering scandal, involving ex-Soviet states, that emerged in 2017.