The Boards of Directors of DnB and Postbanken have entered into an agreement, with the aim of combining the two financial services groups. The combined entity will be the largest financial services group in Norway and the 8th largest in the Nordic region, with total assets of NOK 315 billion (USD 41 billion). Postbanken will become an integrated unit of the new DnB Group, operating under its existing brand name. The merger is expected to create annual pre-tax cost savings in excess of NOK 450 million by year-end 2003. These include a headcount reduction of approximately 400 staff years, which will be achieved primarily through attrition and other voluntary measures.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.