Green light for merger of Den Norske and Gjensidige Nor

The Norwegian government has given the go-ahead for a merger of two of the country’s largest financial institutions, Den Norske Bank and Gjensidige Nor. The new company will be called DnB Nor.

The two companies’ boards have yet to accept the terms of the concession from the ministry of finance that allows the merger, but the deal is not expected to be delayed for long. A statement from Den Norske Bank today said trading in the new company’s shares would begin in “probably about a week".

The groups’ chief executives, Svein Aaser and Olav Hytta, issued a joint statement, saying: “We are pleased that the concession is now in place… which means the initial plans for a merger between the two holding companies in the course of 2003 can be realised.”

They added: “We will consider the concession terms and implement the merger as quickly as is prudently possible.”

Den Norske Bank is one of the Nordic region’s largest derivatives dealers.