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Nordic merger

Unidanmark and MeritaNordbanken have agreed to merge in a venture creating the largest financial services group in the Nordic and Baltic region with approximately e186bn in total assets.
The merger will produce a combined asset management operation of approximately e100bn in assets, including private banking.
Proposed synergies within the new asset management entity include the sharing of cross-border concepts and support, alongside integration of asset management capabilities.
In addition, the groups say certain asset management products will be offered to international institutional customers and private banking will be offered to high net worth individuals in selected European countries.
The group also aims to be the leader in new internet financial services in the Nordic and Baltic area.
Vesa Vainio, deputy chairman of Nordic Baltic Holding and proposed chairman of the new group, comments: “Our customers operate on a regional basis and so must we. For all our counties, Nordica and Baltic co-operation creates value for private citizens, corporations and society.”
Further down the line the merged groups say they will seek combined cross-border marketing of products in all areas.
The proposed head of group asset management will be Christian Clausen.
The two groups claim that annual pre-tax synergies of around e200m will be realised within three years.

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