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Norwegian lender DNB to buy Sbanken in $1.3 bln deal


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OSLO Norway’s largest bank DNB has agreed to buy smaller competitor Sbanken in a deal worth 11.1 billion Norwegian crowns ($1.3 billion), the companies said on Thursday.
DNB will offer 103.85 crowns per share for Sbanken, a 29.8% premium over Wednesday’s closing price.
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Norwegian lender DNB to buy Sbanken in $1.3 bln deal Back to video
The takeover is set to increase DNB’s share of the Norwegian mortgage market to an estimated 27% from about 24%, DNB said in a statement.
“In addition, Sbanken will complement DNB within the savings area, which is a growth area for DNB, and add highly skilled technology resources,” it said. ....

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