Norway’s largest bank, DNB, has agreed to acquire Swedish investment bank and asset manager Carnegie for approximately 12 billion Swedish crowns ($1.14 billion). The deal, set to close by mid-2025 pending regulatory approval, aims to strengthen DNB’s presence in the Nordic region and boost its fee-based income.
DNB CFO Ida Lerner highlighted the potential for income synergies, with no job cuts anticipated as part of the acquisition. Carnegie manages 436 billion crowns in assets and employs around 850 people. DNB expects the acquisition to generate a return on invested capital above 15%, leveraging growth opportunities through an expanded Nordic platform.
Shares in DNB rose 0.7% following the announcement.
