Norway's DnB NOR to launch evaluation of ailing JV.
Global Banking News - 04 January 2010(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Norwegian group DnB NOR ASA (OSL: DNBNOR) has said that its board of directors has decided to start the evaluation period under the shareholder agreement regarding its loss-bringing 51/49 joint venture with German wholesale bank NordLB, Bank DnB NORD A/S.
Denmark-based Bank DnB NORD has subsidiaries in Poland and the Baltic States. The shareholder agreement gives the contracting parties the right to require an evaluation of the joint venture.
The evaluation period will start on January 31, 2010 and will end on July 31, 2010. After the period expires, DnB NOR will be entitled to acquire NordLB's ownership interest in DnB NORD. However, in that event NordLB will have the right to take over DnB NORD's Polish operations.
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|Publication:||Global Banking News (GBN)|
|Date:||Jan 4, 2010|
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