Norwegian lender DNB Bank is set to acquire around 90.9% stake in domestic rival Sbanken.

The move comes after Sbanken shareholders accepted an improved voluntary offer from DNB Bank.

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Previously, DNB Bank placed a voluntary offer to acquire all outstanding Sbanken shares that are already not owned by the company at an improved price of NOK108.85 per share ($13.09).

The offeror received acceptances for a total of 86,543,025 shares, representing 81% in Sbanken.

DNB already owns 9.9% of the shares in the rival lender. The latest acquisition will increase its total shareholding in the company to around 90.9%.

In a statement, DNB said: “Please note that the calculation of the number of Shares tendered in the Offer is preliminary and remains subject to potential adjustments through a verification process currently being undertaken by the receiving agent for the Offer.

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“The final result of the Offer will be announced once confirmed by the receiving agent.”

According to a Reuters report, the takeover will be valued at around $1.39bn.

The completion of the acquisition is subject to regulatory approvals.

Once the deal completes, DNB Bank plans to proceed with the compulsory acquisition of the remaining stake in Sbanken.

DNB Markets, a part of DNB Bank, served as the financial advisor of DNB Bank, while Advokatfirmaet BAHR offered legal assistance to the lender.

DNB is said to be the largest financial services group in Norway. It is also one of the largest in the Nordic region in terms of market capitalisation.

The group specialises in offering loans, savings, advisory services, insurance and pension products for retail and corporate customers.