The largest Norwegian bank, DnB NOR, has secured a series of targeted and successful cross-border acquisitions while maintaining good levels of profitability and securing a healthy return on shareholders’ capital.
Its takeover of Warsaw-based BISE Bank resulted in a twofold increase in operations in the Polish market, where DnB NOR already had a presence catering for the corporate client segment. Now, the Norwegian bank has a solid foothold in the retail customers segment, SMEs and parts of the public sector.
Continuing its expansion campaign, earlier this year DnB NOR acquired Swedish real estate broker Svensk Fastighetsfoermedling, which has more than 200 brokerage offices in the country and adds a foreign presence to DnB NOR’s own expertise in Norway.
“It is an honour to receive The Banker award,” says group executive officer Rune Bjerke. “Strong growth in the Norwegian market along with continued international expansion has made 2007 a good year for DnB NOR and all business areas have shown strong financial performance. After a period of merger and integration, DnB NOR’s focus is now on expansion and efficiency improvements.
“As the new CEO, I am impressed by the achievements and competence shown by our employees in continuously improving DnB NOR as Norway’s largest financial services group. We have set ambitious targets for growth and cost developments in the years to come, and have made good progress in preparing for a continued rise in profits in the group’s Norwegian and international operations.”
