Nordea og DNB has entered into an agreement to join forces with their activities in Estonia, Latvia and Lithuania.
In a press release from the two banks they stated that “Nordea has built up a strong position in the segment of large corporate clients, whilst DNB has a strong position in the segment of small and medium enterprises.”
By teaming up we want our banks to get an even bigger and develop more competitive business aimed at private customers.
Nordea and DNB have respectively 1.300 and 1.800 employees and 8 billion euros and 5 billion euros in assets in the Baltic countries.
– The new bank will be better equipped to withstand the increasing competition in the region and can use their size to become the main bank for several enterprises, private customers and partners in the Baltic countries, says Mats Wermelin, chairman of the Baltic Division at DNB.
The agreement is subject to regulatory approvals and conditions and is expected to be finalized around the second half of 2017. The banks will operate independently until all required approvals have been obtained, it says in the press release.
Source: NTB scanpix / Norway Today