Nordea, DNB hope to receive all necessary merger permits in February ({{commentsTotal}})

A press conference announcing the merger of Nordea and DNB's Baltic operations. August 2016.
A press conference announcing the merger of Nordea and DNB's Baltic operations. August 2016. Source: (Postimees/Scanpix)

All the necessary permits for the merger of Nordea and DNB Bank in the Baltics should be received by the end of February, after which the two banks will quickly proceed with merging their Baltic operations, Jānis Buks, head of Nordea in Latvia, told LETA.

Until then, the credit institutions may not discuss the merger deal — including how it will be organized and what will happen to their customers. At the moment, the two banks can only discuss support functions and the main principles of the merged business's management, said Buks. DNB currently has individual offices in Latvia, Lithuania and Estonia, while Nordea has a pan-Baltic organization.

Nordea and DNB Bank announced the plan to merge their Baltic businesses last August, followed by news in Noveber that Erkki Raasuke had been appointed CEO and Nils Melngailis head of the supervisory board at Nordea and DNB's combined banks in the Baltics. "These people's experience and reputation make me confident that it will be an excellent, very capable and strong bank," Buks told LETA.

The name and brand of the new combined bank may be presented to the public at the end of January or in February. The two banks' customers must be the focus of the merger process, Buks emphasized.

As reported, the merger of Nordea and DNB Bank operations in the Baltic states is to be completed during the second quarter of this year, creating the second-largest bank in the Baltics.

Editor: Editor: Aili Vahtla

Source: LETA/BNS

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