Nordea and DNB have entered into [ds_preview]an agreement to combine their operations in Estonia, Latvia and Lithuania to create a leading main bank in the Baltics with strong Nordic roots.
»Together we will have the scale, stronger geographic presence and broader product offering enabling us to become the main bank for customers in the Baltics,« says Inga Skisaker, Head of Banking Baltic Countries, Nordea.
The combined bank will have a strong geographic presence, with Nordea’s strong Estonian, DNB’s strong Lithuanian and jointly strong Latvian footprints. Nordea’s and DNB’s Baltic operations have 1,300 and 1,800 employees and EUR 8 billion and EUR 5 billion in assets[1], respectively.
Nordea and DNB will have equal voting rights over the combined bank, while having different economic ownership levels that reflect the relative equity value of their contribution to the combined bank at the time of closing.
The transaction is conditional upon regulatory approvals and conditions, and is expected to close around Q2 2017. The banks will operate independently until all necessary approvals have been received.
