Nordea and DNB to Merge Their Banking Operations in Baltics

Nordea Bank AB and DNB ASA have agreed to combine their operations in Estonia, Latvia and Lithuania to build up scale in a corner of their business that forms part of the euro zone.

Stockholm-based Nordea and DNB, based on Oslo, will have equal voting rights over the combined bank, the two said in a joint statement Aug. 25. The deal still needs regulatory approval, but is expected to be completed around the second quarter next year, they said. The banks will operate independently until all necessary approvals have been received.

The move is intended to make the combined unit ...