In a press release, DNB stated that the Norwegian Competition Authority stopped the bank’s acquisition of Sbanken.
“The Norwegian Competition Authority has stopped the acquisition, despite the fact that a very small part of Sbanken was discussed (as potentially problematic) over several months.
“Everything related to regular banking services, such as mortgages, cards, payments, and deposits, was cleared. Therefore, this is surprising,” Executive Vice President Kjerstin Braathen in DNB stated in a press release.
Weakened competition
The Norwegian Competition Authority has announced twice before that it could stop the acquisition.
The Norwegian Competition Authority has previously stated that it is concerned that DNB’s acquisition of Sbanken could lead to weakened competition and poorer conditions for bank customers who wish to save in funds.
DNB is already the largest provider in the growing fund market, and the Authority fears that the bank’s position would be further strengthened with the acquisition.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance
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