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 has agreed to buy Swedish investment bank and asset manager Carnegie from private equity firm Altor and minority owners for around 12 billion Swedish crowns ($1.14 billion),

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.