SpareBank 1 and DNB sign letter of intent on insurance merger
On 20 June 2018, SpareBank 1 Gruppen AS and DNB ASA signed a letter of intent to merge their non-life insurance operations and will thus establish one of Norway’s largest insurance companies. The companies to be merged are DNB Forsikring AS and Sparebank 1 Skadeforsikring AS, which both have a licence to engage in non-life insurance operations. According to the letter of intent, the exchange ratio will be approximately 80 per cent for SpareBank 1 Gruppen and approximately 20 per cent for DNB. DNB will increase its holding in the new company, whereby SpareBank 1 Gruppen will have a