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Sunday 04.12.2016 | Name days: Baiba, Barba, Barbara

Nordea and DNB to cooperate in Baltic States

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUNordea Bank and DNB Bank have signed an agreement on cooperation in Estonia, Latvia and Lithuania to create a new leading bank in Baltic States with powerful Nordic roots.

The deal depends on conditions and approvals detailed in regulations.

It is planned that the deal in regards to the new bank’s formation will be concluded around Q2 2017. Until then, both banks will continue working as competitors.

It is intended that Nordea and DNB will have equal voting rights in the new bank. The division of economic property rights will be different. This is because it will be based on capital value of existing banks and the total investments in the new bank at the time of conclusion of the transaction.

The new bank will be registered in Estonia and will work with branch offices in Latvia and Lithuania. This was announced by representatives of the two banks at a press-conference on Thursday, 25 August.

Nordea Bank’s manager in Baltic States Inga Skisakere explained that the decision to register a new bank in Estonia was made aster carefully considering opinions of advisors, who, after assessing operational, legal and tax systems of Baltic States, concluded that Estonia would be the best place for the new bank.

Skisakere does emphasize, however, that even though the new bank will be registered in Estonia, its work will be organized in all Baltic States.

It is currently unknown what the name of the new bank will be, but the brand image will definitely reflect both the market [Baltic States] and the home country of the owners of both banks [Nordic countries].

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