DNB seeks to overturn Sbanken takeover ban

The NCA must now decide whether to approve the merger or forward the appeal to the Norwegian Competition Tribunal, which could either rule on the case or send it back to the NCA for further deliberation. "(DNB) is of the view that the offer should have been approved by the NCA without conditions," the bank said in a statement. More than 90% of Sbanken's shareholders had accepted DNB's offer, which was backed by the board and management of both banks.

Norwegian bank DNB said on Friday it had lodged an appeal seeking to overturn a ban on its planned takeover of online rival Sbanken.

The Norwegian Competition Authority (NCA) last month blocked the proposed 11.1 billion Norwegian crowns ($1.21 billion) acquisition, arguing the deal would hurt customers in the mutual funds market. The NCA must now decide whether to approve the merger or forward the appeal to the Norwegian Competition Tribunal, which could either rule on the case or send it back to the NCA for further deliberation.

"(DNB) is of the view that the offer should have been approved by the NCA without conditions," the bank said in a statement. More than 90% of Sbanken's shareholders had accepted DNB's offer, which was backed by the board and management of both banks. ($1 = 9.1837 Norwegian crowns)

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