German bank Nord LB and Norwegian rival DnB Nor have launched a banking joint venture that will focus on the Baltic region, the latest deal in a flurry of cross-border activity among European banks this year.

The new bank, to be named DnB Nord, will be 51%-owned by DnB Nor and 49%-owned by Nord LB. DnB Nor will pay €157.5 million ($191.3 million), for its 51% stake.