June 20, 2018 / 3:38 PM / 9 months ago

Banks DNB, Sparebank 1 to create Norway's third largest insurer

OSLO, June 20 (Reuters) - Norwegian banks DNB and Sparebank 1 are merging their insurance operations to form the Nordic country’s third largest insurance firm, they said on Wednesday.

The banks said they had signed a letter of intent to merge the businesses, which will target individual consumers and small and medium-sized companies, with a view to completing the deal on Jan. 1, 2019.

“The new company will have a market share in risk insurance of more than 15 percent, rendering it the third largest insurance firm in Norway,” the banks said in a statement.

DNB is Norway’s largest bank while Sparebank 1 is an alliance of savings banks. Sparebank 1 will have a 60 percent stake in the company, while DNB will own the remaining 40 percent. (Reporting by Gwladys Fouche; Editing by Jan Harvey)

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