DNB Bank of Norway to buy Swiss asset manager Carnegie for $1.14B

By Emir Yildirim

ISTANBUL (AA) - The Norwegian DNB Bank has reached an agreement to acquire all shares of Swiss asset manager and financial adviser Carnegie for $1.14 billion.

The transaction is subject to regulatory approval and is anticipated to close in the first half of 2025, according to a press release from DNB Bank issued on Monday.

Carnegie Holding, the parent company of Carnegie Group, employs approximately 850 people and is recognized as a leading investment and asset management firm in the Nordics. The company generates 56% of its revenue from investment services, with the remainder coming from wealth management.

DNB Bank aims to enhance its client offerings through the acquisition of Carnegie, positioning itself as a key player in investment, banking, and securities brokerage in the Nordic region, according to DNB Bank CEO Kjerstin Braathen.

To honor the legacies of both firms, DNB Bank will rebrand its Markets division as DNB Carnegie.