DnB and Postbanken to Merge
The Boards of Directors of DnB and Postbanken have entered into an agreement, with the aim of combining the two financial services groups. The combined entity will be the largest financial services group in Norway and the 8th largest in the Nordic region, with total assets of NOK 315 billion (USD 41 billion). Postbanken will become an integrated unit of the new DnB Group, operating under its existing brand name. The merger is expected to create annual pre-tax cost savings in excess of NOK 450 million by year-end 2003. These include a headcount reduction of approximately 400 staff years, which will be achieved primarily through attrition and other voluntary measures.