Opts to acquire DnB NORD

Photo: DnB NOR

Photo: DnB NOR

In a statement to NORD/LB today, DnB NOR has exercised its option to acquire NORD/LB’s ownership interest in Bank DnB NORD A/S.

Since 2005, DnB NOR Bank ASA (DnB NOR) and Norddeutsche Landesbank Girozentrale (NORD/LB) have owned 51 per cent and 49 per cent, respectively, of Bank DnB NORD A/S. Bank DnB NORD A/S has subsidiary banks in Latvia, Lithuania and Poland.

In a statement to Oslo Børs on 14 July 2010, it was announced that DnB NOR, pursuant to the shareholder agreement, had notified NORD/LB that the bank reserved the right to exercise its option to acquire NORD/LB’s 49 per cent ownership interest in Bank DnB NORD A/S.

In a statement to NORD/LB today, DnB NOR has exercised its option to acquire NORD/LB’s ownership interest in Bank DnB NORD A/S.

If the parties do not reach agreement on price, this must be determined in accordance with an agreed arbitration mechanism.

DnB NOR considers DnB NORD’s geographic area of operation to be a region with a good future earnings potential, and that this is a good time to strengthen its position in the Baltic region.

Source: DnB NOR

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