Best bank 2025: DNB
DNB decisively claims the title of Norway’s best bank through a series of strategic financial activities and technological achievements that have significantly enhanced its market position in 2025.
The acquisition of Carnegie for SKr12 billion ($1.25 billion) has led to a rebrand as DNB Carnegie, notably deepening DNB’s Nordic investment banking franchise. This move complemented DNB’s record performance, with profit after tax of NKr10.8 billion ($1.06 billion) in Q1 2025, showing a substantial 5.9% year-on-year increase.
Moreover, DNB demonstrated exceptional financial management capabilities by delivering a robust 17.5% return on equity in the full year of 2024 and reducing its cost-to-income ratio progressively from 37.9% in Q4 2024 to 36.1% in early 2025. This is supported by a significant 29.5% year-on-year surge in net commissions and fees during Q1 2025, largely attributed to soaring advisory, brokerage and income generated by DNB Carnegie.
Further solidifying its commitment to sustainable finance, DNB issued a €400 million ($468 million) green bond under its updated green finance framework in March 2025.
The implementation of the AI virtual agent Aino, which now handles 50%-60% of all incoming chat traffic, has effectively reduced service costs while improving customer satisfaction.
The bank also escalated its digital transformation by overhauling its online banking platform in December 2024 and signing a significant quality assurance and testing deal with Infosys in May 2025, promising a rapid modernisation of its digital core.
Best investment bank 2025: Citi
Citi has established itself as a leader in Norway’s investment banking sector, particularly evidenced by its formidable deal advisory in 2024.
Citi’s performance in M&A league tables underscores its significant role in high-profile transactions. Notably, the bank advised on Equinor’s strategic acquisition of a 9.8% stake in Ørsted for $2.5 billion and orchestrated Adevinta’s extensive $15 billion sale to Permira and Blackstone.
Its expertise isn’t limited to mergers and acquisitions. In the equity capital markets, Citi demonstrated market dominance by serving as the sole bookrunner for AutoStore’s $300 million secondary accelerated equity offering.
Its adept handling of complex transactions in the debt capital markets is illustrated by its management of AkerBP’s dual-tranche bond offerings, which included a €750 million 10-year and a $750 million 30-year issuance.
Additionally, Citi’s proficiency in syndicated loans is notable, with its role as bookrunner for Equinor’s substantial €5 billion debt financing deal.
Through these transactions, Citi not only showcases its broad capabilities across various financial instruments but also cements its position as the foremost investment bank in Norway.
