NORWAY: CODAN TO CO-OPERATE WITH DNB

Article Abstract:

Den norske Bank (DnB), the major Norwegian bank, has signed a distribution agreement with the Danish insurance company Codan. According to the deal, DnB will sell Codan's individual life insurance products through its branches. Codan expects increasing sales by DKr 20-40mn (USD 3-6mn) through the co-operation. In addition, the Danish company is still distributing insurance products through another Norwegian bank, Fokus Bank, even though Fokus Bank has been acquired by Den Danske Bank, the major Danish bank. The agreement with Fokus Bank is valid for another few years. Besides this organic growth, Codan is also interested in expanded in Norway through acquisition. One of the main potential objects is said to be Vesta.

Commercial Banks, Commercial Banking, Retail Banking Services, Life Insurance, Direct Life Insurance Carriers, Strategic alliances, Retail banking, Fokus Bank A/S, Den Norske Bank, Codan AS

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NORWAY: NORDISK SOLAR MAKES ACQUISITION

Article Abstract:

Siemens Elektroengros, the Norwegian wholesaler of electrical components, is to be acquired by the Danish company Nordisk Solar, according to an agreement with Siemens Norway. Turnover of Siemens Elektroengros totals NOK 700mn (USD 84mn) a year. Nordisk Solar's strategy includes expansion in northern Europe.

Siemens AG

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Austria: Frauenthal insulators to Porcelain Products

Article Abstract:

Porcelain Products of the US has acquired the insulators business of Austrian ceramics company Frauenthal. The division employs 1,000 staff. The terms of the deal were not disclosed.

Austria

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