Banks, EU – Baltic States, Financial Services, Latvia

All DnB NOR group's banks will be renamed in November, including those in Latvia.

The new bank's brand and corporate colors are unknown yet, noted Lapsa, adding that they will be presented next month, writes LETA.

Last year, Norwegian financial group DnB NOR signed an agreement with the German bank Norddeutsche Landesbank Girozentrale (Nord/LB), acquiring its 49 percent of Bank DnB Nord A/S (DnB Nord group) shares.

DnB NOR previously decided to rename the DnB Nord group banks this fall for all the group to begin work under one brand – DnB. It was also done to ensure better integration of the group's banks.

DnB Nord group in Latvia consists of DnB Nord banka and its subsidiaries – leasing company DnB Nord lizings, investment management company DnB Nord fondi, and the company established for construction of the bank's new office building, "Skanstes 12".

According to data from the Latvian Commercial Bank Association, DnB Nord banka's market share in the banking sector's total assets was 8.5% in the second quarter of 2011, placing it in 4th place among 30 banks in Latvia.

In the 2010 survey of 101 most valuable Latvian enterprises, DnB Nord banka was ranked 16th, with a value of LVL 102.16 million.