Den Norske Bank
Den Norske Bank (DNB) has captured the award after holding up well in last year’s tough environment and making several big acquisitions in the local market.
Although its net profit and ROE fell amid an economic slowdown and bearish equity markets, the declines were not as steep as those at the bank’s rivals. Moreover, the bank managed to boost its assets by 7.5% in 2002.
The difficult environment did not stop DNB from expanding greatly its presence in the local market via strategic acquisitions. These included Skandia Asset Management in January 2002 and Nordlandsbanken in December 2002. As a result of the acquisition of Skandia Asset Management, DNB’s assets under management rose to Nkr291bn ($39.9bn) from Nkr200bn previously, while costs for the business declined by Nkr70bn.
DNB has become even more ambitious this year, having bid for Norway’s third-largest bank last March. It expects the synergies from these acquisitions will permit it to reduce its total cost base by 14%.
“We will reach our goals through firm management, a steady course and a sound capital base,” said Svein Aaser, DNB chief executive.
