Three Norwegian banks merge

Three Norwegian banks merge

THREE NORWEGIAN banks are to merge in a deal which will create the country's largest bank with combined assets of around $40bn. Christiania Bank, Fokus Bank and Postbanken said the move would allow them to cut costs and widen their product distribution. The Norwegian government, which currently owns all of Postbanken and 51 per cent of Christiania, will hold just over 50 per cent of the new bank.