OSLO, Aug 26 — Norway’s largest bank DNB should not be allowed to buy online rival Sbanken as the deal could hurt customers in the mutual fund market, the Norwegian Competition Authority said in a preliminary ruling today.
“Sbanken is a company with a significant market position, and has showed over time to have the ability and determination to challenge the established banks,” NCA department head Gjermund Nese said in a statement on Thursday. Shares in Sbanken were 0.9 per cent lower by 0730 GMT while DNB was down 0.4 per cent. The Oslo benchmark stock index also traded 0.4 per cent lower.
DNB said it still hoped to convince the regulator to change its mind, arguing that Norway’s fast-growing market for mutual funds continued to see an influx of new players.
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