DNB Carnegie
J. Kenneth Hage
24 June 2025
Leading securities finance at DNB Carnegie, J. Kenneth Hage catches up with Carmella Haswell following the recent acquisition of Carnegie Holding and discusses how the firm is positioning itself within the Nordic market
Image: J. Kenneth Hage
Kenneth, from a Nordics perspective, how do you view the current securities finance landscape?
DNB has traditionally focused its securities finance efforts on Norway, but in recent years has expanded its efforts in Sweden to achieve an even stronger Nordic focus, together with the rest of DNB. International customers and counterparts view the Nordics as one market, and to become a credible counterpart, we have over time explored several opportunities to expand our Nordic offering.
We see this effort in a longer perspective and eye several opportunities for the 'new' DNB Carnegie going forward. The entire securities finance industry has, in recent years, experienced significant regulatory changes that have influenced our efforts to operate a securities finance area cost-effectively and profitably. This has helped shape the strategy we are following. We see this as a long-term commitment that is already bearing fruit.
In March, DNB Bank ASA completed its acquisition of Carnegie Holding. Can you tell me about the firm鈥檚 motivation to become DNB Carnegie?
Merging DNB Markets and Carnegie is a unique chance to create something entirely new in the Nordic market, the world鈥檚 11th largest economy, and DNB Carnegie is now the leading Nordic investment bank and wealth manager, with a solid bridge to the rest of the world. DNB Carnegie is a very sizeable business, with the ability to reinvest profitably. This will create a growth trajectory.
How will this move to acquire Carnegie Holding impact the firm鈥檚 development strategy in the region?
Basically, we are realising the shared ambition of becoming a leading Nordic investment and business bank, at the forefront in securities finance, stock brokerage and research, private banking, and wealth management. The business potential and complementarity has proven to be even stronger than expected, unlocking greater opportunities for customers, and for growth across all areas. What we now offer the customers is more than 1+1, because DNB Carnegie is a full-service investment bank.
DNB Carnegie recently recruited new hires within its securities finance team. How does the firm look to further expand its offering and increase its presence in this market?
The hirings we have done in Sweden over the last few years formed part of our ambition to become the leading Nordic Investment bank. The experience we have gained makes us confident that this is the right path to take. Our Swedish traders join our global securities lending team headed by Dag Rudil酶kken and will work seamlessly with our existing desk in Oslo to complement our full-service lending desk.
Looking forward, what will you be most focused on over the coming 12 months? Any new projects in the pipeline?
Our focus going forward will be to ensure that the new DNB Carnegie organisation functions optimally and to leverage on our combined strengths. We continue to invest in technology and people and aim to continue to grow in Sweden, but also elsewhere in the Nordics and through selected opportunities globally.
On 6 March 2025, Norway鈥檚 financial services group DNB Bank ASA completed its acquisition of Carnegie Holding AB, an investment bank and asset manager in the Nordic region. The two firms will continue to operate as they currently do, but a gradual legal and operational integration between Carnegie and DNB began with the full operational model and launch of the new brand, DNB Carnegie.
The total consideration for the transaction was 12 billion Swedish krona (US$1.2 billion). The shares of the minority shareholders in the subsidiaries of Carnegie Holding was acquired as part of the transaction, for total consideration of SEK317 million.
During the recent announcement in March, the firm said that DNB and Carnegie will significantly enhance their ability to serve clients across the Nordics, offering a broader range of products while maintaining their entrepreneurial spirit and client-centric focus.
Following the acquisition, DNB expanded its securities finance team with the appointment of Ida Svensson and Patrick Th枚rnqvist, who both took on the role of senior trader. The move is part of a strategic theme DNB has followed for the past decade, to increase its presence within securities finance, as well as to strengthen its presence in Sweden.
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