The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

DnB's on-off affair leaves Storebrand suitorless

Shareholders of Norwegian insurer Storebrand are disenchanted with DnB after it dumped the company at the altar. Did management lose its nerve as the merger loomed or is there more to it?


Den norske Bank has yet again scuppered Norwegian insurance company Storebrand's plans to consolidate. After courting Storebrand for over a year and putting a spanner in the works of a deal with Finnish bancassurer Sampo, DnB has decided at the eleventh hour that it is no longer interested in merging.

The reasons for the collapse in negotiations seem flimsy at best and make DnB look fickle. Storebrand's shareholders have been punished because of DnB CEO Svein Aaser's indecisiveness and lack of mettle. The failure appears to be another setback for the Norwegian government in its long-held aspiration to create a national champion after it sold Christiania Bank og Kreditkasse to Finland's Nordea in 2000. However, the government might yet see its dream realized with a merger between DnB and another national treasure, Union Bank of Norway. But then it's possible that DnB has ruined its chances there too after showing its bad faith with Storebrand.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree