No DnB-Storebrand merger, bank chief says

Svein Aaser, the chief executive of Den norske Bank, dismissed proposals of a merger between his bank and the Storebrand insurance company.

Investor Stein Erik Hagen had aired the merger idea as a way of retaining a strong Norwegian financial institution in an era of multinational consolidation. Aaser, however, said the businesses were not a good match. State competition authorities were also sceptical, noting that a merged company would control most of the Norwegian insurance market.