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9/24/2018, 12:09 PM (Source: TeleTrader)
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SpareBank 1, DNB reach $2.4B insurance merger deal

Norwegian banking groups SpareBank 1 and DNB ASA agreed on Monday to merge their insurance units in a deal worth around $2.4 billion. SpareBank 1 will hold an ownership interest of 65% and DNB will have 35% in the resulting entity, which will remain a subsidiary of SpareBank 1. The merger is expected to be implemented on January 1, 2019. According to the release, as of the merger date, the new company will be the country’s third largest insurer.

"The merger will enable DNB and SpareBank 1 to boost their distribution of insurance via banks. The new company will have greater power to further develop innovative and customer-friendly solutions, and bring new products to the market even more rapidly," the joint statement said.

Baha Breaking News (BBN) / DJ