DNB agreed to buy Swedish investment bank and asset manager Carnegie for around $1.1 billion in cash as it moves to bolster its Nordic footprint.

Norway’s largest bank, DNB (DNB.OL), is set to acquire Swedish investment bank and asset manager Carnegie for 12 billion Swedish crowns ($1.14 billion). The all-cash transaction, agreed with private equity firm Altor and minority stakeholders,

Additionally, DNB Wealth Management has a large operation in Norway in asset management, private banking, pensions, and savings. Carnegie's brand and lengthy track record in this category, particularly in Sweden and other Nordic markets, and will provide additional prospects for the merged business throughout the Nordic region.