The plans for merging the custody operations of Den norske Bank and Gjensidige NOR into a new securities services division were unveiled yesterday, though no practical measures to implement them will be taken until the Ministry of Finance grants final authorisation to the merger.
The new division , which will be headed by Joergen Krager, will within three years employ the equivalent of 119 full-time staff. The plan therefore envisages a modest cut in the number of staff employed from the current full-time equivalent total for both banks of 138.5 people.
The managers of the four operating divisions of the merged securities srvices divisions – custody and issuer services, transaction services for Norwegian clients, transaction services for foreign clients, and securities finance – have yet to be named, but appointments are expected to be agreed by the end of this month.