By Dimitrios Kontos

DnB ASA (DNB.OS) and SpareBank 1 SMN (SRMGF) have signed a letter of intent to merge their respective insurance units and create one of the biggest insurance companies in Norway, the two groups said Wednesday.

The new entity will result from the merger of SpareBank 1 Forsikring and DNB Forsikring AS and will have a risk-insurance product portfolio aimed at the personal and small- and medium-sized enterprise markets, the companies said.

The tentative merger date is Jan. 1, 2019, subject to regulatory approval, the companies said.

Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com

(END) Dow Jones Newswires

June 20, 2018 11:52 ET (15:52 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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