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Nordic banks planning know-your-customer joint venture

Norway-based DNB Bank ASA, Danish lender Danske Bank A/S and Sweden's Nordea Bank AB (publ), Svenska Handelsbanken AB (publ) and Skandinaviska Enskilda Banken AB are looking into a potential formation of a Nordic know-your-customer, or KYC infrastructure, which will initially serve large and medium-sized firms in the region.

The lenders intend to carry out the plan by setting up a joint venture, Nordic KYC Utility, which will be owned and controlled by the founding banks, although the lenders also plan for the company to offer services to third parties. The banks cited time-consuming KYC information requirements, inefficient processes and increased regulations and requirements for lenders as reasons for the joint venture.

The joint venture is expected to be established in the second half, subject to approval from the European Commission.

DNB Bank is a unit of DNB ASA.