Norwegian takeover rules governing financial institutions could be overhauled as soon as July after the country's Ministry of Finance proposed scrapping the current system.

The new rules would see the end of a ban on owning more than 10% of a Norwegian financial institution without buying the entire share capital. The legislation has thwarted a number of mergers and acquisitions in the region, including an attempt by Sampo, the Finnish insurer, to buy Norwegian rival Storebrand.