The Nordic region has taken a step closer to its goal of an integrated financial market with the proposed merger of the Finnish and Swedish central securities despositories.

VPC, the Swedish central securities depository owned by four local banks, wants to merge with its Finnish equivalent, APK, owned by pan-European stock exchange OMHex, in a cash and share deal worth an estimated SKr1bn (€109m). The offer includes a Skr343m cash payment plus shares from VPC, in a move that values APK at Skr750m and VPC at Skr1.65bn.