NORD/LB Latvija                                        15.11.2005



The first step in the foundation of the joint venture of NORD/LB and DnB NOR is implemented



On June 21, 2005 the largest bank of Northern Germany Norddeutsche Landesbank 

(NORD/LB) and the biggest Norwegian credit institution DnB NOR signed an 

agreement on establishment of a new joint venture – DnB NORD. According to the 

agreement, the new joint venture will be built on principles of equal cooperation. 

DnB NOR will own 51% of the shares of DnB NORD, NORD/LB will own 49% of the shares 

of the new joint venture, and NORD/LB Latvija will be become a part of the 

consolidated finance group.



On November 11, after receiving consent of Financial and Capital Market 

Commission, 99,76% of shares of AS NORD/LB Latvija owned by the biggest 

bank of Northern Germany Norddeutsche Landesbank (NORD/LB) were transferred 

to JSC NORD/LB Holding, daughter company of Norddeutsche Landesbank, therefore 

the first step towards the establishment of the new joint venture DnB NORD is 

implemented. 



In the nearest future following the first step 51% of the shares of JSC NORD/LB 

Holding will be purchased by the biggest bank of Norway DnB NOR, thus concluding 

the establishment of DnB NORD bank.

Combining know-how, expertise and infrastructure of both the biggest bank in 

Northern Germany NORD/LB and Norwegian leading bank DnB NOR the newly established 

DnB NORD bank will provide full scope of innovative and competitive financial 

services through its large branch network in the strategically important region 

of Northern Europe, i.e. Denmark, Finland, Estonia, Latvia, Lithuania, Poland, 

Germany, Norway, and Sweden.

The joint venture of NORD/LB and DnB NOR will provide all existing and potential 

customers of NORD/LB Latvija with an opportunity to reap the benefits deriving 

from extra know-how and expertise in the field of servicing both the private 

individuals and legal entities, investment banking services and cash flow 

management as well as the advantages ensured by the wide branch network and 

additional funding opportunities. 



Additional information:

Teika Lapsa

NORD/LB Latvija PR manager

Phone: 7015395, 9161561

teika.lapsa@nordlb.lv