A new Nordic powerhouse in the city

London’s financial district is no stranger to change, but DNB’s recent acquisition of Carnegie is turning heads across the City. By bringing together two of the Nordics’ most influential banks, they combine decades of financial expertise under one roof to help their clients navigate today’s unpredictable world – and we are proud to welcome this union to the SCC UK Patronship.

The arrival of DNB Carnegie marks a new era and a clear statement of intent. “We are merging two very strong financial advisors,” says Anders Grevstad, General Manager, DNB UK. “We’re bringing together the leading Norwegian bank with a leading Nordic investment bank, which has a rich Swedish heritage. This is an important step for DNB, accelerating our transformation from a Norwegian bank to a truly Nordic bank.” 

Jesper Wiberg, Head of Future & Tech Industries within Corporate Banking in London, who knows both institutions well, describes the merger as the ‘perfect match’: “Having Carnegie on our side, combined with  DNB’s strong balance sheet, strengthens our position not just in Sweden, but across Finland, Denmark, and Norway. The synergies are substantial.”

Deepening ties, expanding networks
DNB’s expanded capabilities have also deepened their engagement with the business community. As a direct result of joining forces, DNB has recently upgraded their membership to Patron status with SCC UK.

“Through the acquisition of Carnegie, our Swedish ties have grown even stronger. Patron membership feels like a natural next step,” says Jesper. “We want to deepen relationships with clients in both Sweden and the UK, and SCC UK is the ideal platform for that.”

Here at the Chamber we often say that a membership is a bit like a gym membership, you get out what you put in. DNB seems determined to make theirs count. From hosting events in their newly refurbished London office in Walbrook to turning their space into a meeting point for Nordic corporates, investors, and the wider business community, they are clearly set on making their membership ‘work hard’, bring value, and deliver real results.

A distinctive approach
Rather than trying to be all things to all clients, DNB focuses on its strengths. “Internationally, we’re more of a corporate bank, with select investment banking capabilities in industries where we lead globally – shipping, oil and gas, renewables, seafood, and Nordic sectors like telecom, media, technology, service and healthcare,” says Anders.

Jesper adds: “For example, we’re heavily involved in digital infrastructure industry, handling financing transactions across Europe. That’s a key differentiator in London’s Nordic banking scene, and we have particularly strong positions in certain sub-segments.”

What’s in it for clients? 
Clients benefit from practical support and a unique combination of expertise and resources. “This will help our clients in the UK, especially those seeking advisory services in the Nordics. They come to us because we have this perfect match: a robust balance sheet and the Nordics’ top financial advisors,” says Jesper. 

Anders elaborates: “We’ve built a franchise of customer-facing activities within the industries where we have global ambitions. Whatever we do in London, it’s all about serving those sectors. Compared to some of our Nordic competitors, who may have a more general international presence, we are very much driven by the industries I mentioned earlier.” 

Culture at the core
DNB’s merger strategy puts people and culture front and centre. “Combining these teams has been crucial. Their similarities made it easier to extend our reach on the Nordic Stock Exchange. As a manager, merging two equal teams into one DNB Carnegie Equities team has been essential,” Anders notes.

Jesper agrees, highlighting the value of collaboration: “Much of the innovation comes from working together across teams. Finding the best solutions for clients happens when we sit down together, and we couldn’t have done it as well alone.” 

Lessons in leadership
The DNB Carnegie merger demonstrates how shared values, deep expertise, and a client-first mindset can steer organisations through transformation. “It’s all about clients and people,” says Anders. “At both Carnegie and DNB, we’re intensely focused on serving clients and empowering those who create value every day.”

For leaders and organisations going through change, the message is clear: prioritise your people, lay the groundwork for teamwork, and always keep your clients’ needs at the centre. That’s the foundation for building lasting success, even in an unpredictable world.