Norwegian bank DNB Bank ASA and Swedish bank Nordea Bank AB have filed an application with the Estonian Competition Authority for the approval of the merger of their Baltic operations under the joint company Indy AB approved.
Nordea and DNB Bank announced the plan to merge their Baltic businesses into an entity headquartered in Tallinn last August. In November, Erkki Raasuke was appointed CEO and Nils Melngailis head of the supervisory board at Nordea and DNB’s combined bank in the Baltics.
The merger of the two Scandianvian banks’ operations in the Baltic states is to be completed in the second quarter of the year; this merger will create the second largest bank in the Baltics. The name and brand of the new bank may be presented to the public in February.
The banks will continue to operate independently and under current management until all necessary approvals have been received.