Norway

The Norwegian Competition Authority (NCA) has raised the real possibility of preventing a merger between finance giants DnB (Den norske Bank) and Gjensidige NOR.

Head of Norway's national bank, Svein Gjedrem, is criticised after another severe cut in interest rates on Wednesday, 13 August 2003. “Too aggressive”, says Professor Шystein Thшgersen.

Nordlandsbanken has joined the queue of institutions suing accounting giant KPMG for losses suffered in connection with the Finance Credit scandal.

Bank 1 Oslo will sue accounting giant KPMG and state authorized accountant John Haukland for NOK 337 (USD 50.5) million for their role in the Finance Credit scandal. This brings the total suits against KPMG to NOK 762 million and still counting.

Bankruptcy filings in Norway soared 41.3% during the first three months of 2003, compared to the same period last year. In Sweden, bankruptcy filings were up 12%, while in Denmark they rose a relatively modest 5%.

A small bank in Norway is suing accounting giant KPMG after losing NOK 125 million on the bankruptcy of factor Finance Credit. KPMG had audited some of the biggest companies in the Finance Credit system.

Norway's largest bank is seizing, as expected, a chance to take over Bodoe-based NordlandsBanken.

Analysts following the Norwegian banking market point to Den norske Bank (DnB), Norway’s largest bank and which has the state as its largest shareholder, as the favourite to take over loss-plagued Nordlandsbank.

Nils Moe, chief executive of Nordlandsbanken, resigned today in the wake of huge losses tied to the bank's dealings with scandal-ridden Finance Credit. The bank's top credit officer also stepped down.

The owners of Finance Credit Norge ASA, Trond G.