Consolidation of the financial institutions sector in the Nordic region has faltered once again, after Den norske Bank (DnB) and Storebrand put out contradictory statements about their merger plans.

DnB, the Norwegian bank, is attempting to buy Storebrand, a Norwegian insurer. In May the two companies confirmed that they were in talks, and people close to the deal said they thought there was a good chance that it would go through. The new company was expected to have a market capitalisation of about €5bn ($5bn). However, statements from both groups about the discussions suggest the talks are far from harmonious.