Regarding document filings to competition authorities

Nordea and DNB have successfully started the process of filing documentation to the relevant competition authorities in all three Baltic countries, which is another milestone in setting up the new organization.

Discussions about the required approvals and decisions are in progress and the banks have approached both the local competition authorities and the European Commission to address the question about the jurisdiction that will take the decision on the transaction.

Considering the potential size of the new combined entity, further considerations about decisions of the transaction to combine Nordea and DNB operations in the Baltic countries will be directed to the European Commission and therefore not made by local the competition authorities. The European Commission will take on further activities to analyse the deal from the Baltic perspective.

Until further decisions of the European Commission, the transaction will now be conditional upon the European Commission’s approval and conditions in all Baltic countries, and is expected to close around Q2 2017. The banks will operate independently under current management until all necessary approvals have been received.