Wednesday, January 26

DNB complains that they are not allowed to buy Sbanken

The Norwegian Competition Authority refused to allow DNB to buy Sbanken. On Friday, DNB appealed the decision.

DNB CEO Kjerstin Braathen complains.

Published: Published:

Vibeke Hansen LewinThe case is updated.

The complaint shall be processed by the Competition Complaints Board when it is forwarded from the Norwegian Competition Authority within the next 15 days.

The tribunal’s decision is expected by March 18 next year.

It was not until April this year that it became known that DNB wanted to buy Sbanken. But the Competition Appeals Board believes that the acquisition will particularly weaken competition in the market for savings in funds.

In the process leading up to the final rejection, DNB put forward so-called remedial measures to address this concern from the Authority. But that was not enough.

In the report on Friday, DNB writes that they believe that their offer on Sbanken “should have been approved by the Norwegian Competition Authority without conditions, and at least approved with the remedial measures submitted to the Norwegian Competition Authority.”

– Most people were surprised by the Norwegian Competition Authority’s assessments, not just in DNB. We have now read their rationale carefully, and it is still difficult to understand from what this market looks and works today. The Norwegian Competition Authority seems to look back when they consider the case, comments communications director Vibeke Hansen Lewin in an e-mail.

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