(Bloomberg) -- Norway’s DNB ASA has eclipsed perennial Nordic powerhouse Nordea Bank Abp as the biggest lender by market in the Nordic region.
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DNB’s market has now exceeded that of Nordea for the first time since the Helsinki-based lender was created through the merger of four Nordic banks at the end of 2001.
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DNB has risen 11% so far this year, while Nordea has dropped 11%. The Norwegian bank is profiting from its home country’s solid economic growth thanks to a revival in oil investments and low unemployment. That led Norges Bank to raise interest rates earlier this month, a move that sets it apart from most other central banks in the world.
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