The Nordic region is chronically overbanked. Denmark’s five million population alone is served by almost 40 listed banks. The sector is a tangle of cooperative banks, savings banks, small and medium-size domestic players and a handful of larger institutions with a variety of cross-border interests. Last year’s merger of Finland’s Merita and Sweden’s Nordbanken created the region’s largest bank but with €12 billion ($13 billion) market capitalization it still doesn’t make Europe’s top 20.
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