News of Norway, issue 5, 2000
For more than year, MeritaNordbanken has been awaiting the approval of the Norwegian Ministry of Finance to proceed with its purchase of the Norwegian bank Christiania Bank og Kreditkasse. The condition set by finance regulators is that MeritaNordbanken does not treat Kreditkassen as a branch operation.
Both management and employees of Kreditkassen have supported the takeover, aimed at making Kreditkassen part of a Nordic banking network that can better compete in the international arena. Both credit regulators and Norway's central bank have supported the bid.
State originally reluctant
The Norwegian state has owned a major part of Kreditkassen since the early 1990s, and had been reluctant to release control to non-Norwegian owners. MeritaNordbanken paid USD 5,4 (NOK 49) per share for Kreditkassen. The deal has been valued at USD 3 (NOK 27) billion.
'This sale is in line with the conditions set by the Storting and the Government. The sale to MeritaNordbanken will give a Nordic solution. This provides interesting prospects for Christiania bank,' says Minister of Finance Karl Eirik Schjøtt-Pedersen.