Our history begins

Our histories span more than two centuries and begin on opposite sides of the Nordic region.

Carnegie

Carnegie's history dates back to 1803, when Scottish entrepreneur David Carnegie founded D. Carnegie & Co in Gothenburg. Having travelled from Montrose in Scotland to Sweden as a teenager, he established a trading house focused on exports of iron and timber. As Gothenburg grew into an important international trading hub, the business expanded to include imports of flax, salt, wine, sugar, coffee and tobacco, as well as exports of herring, tar and wood products. These activities laid the foundations for what would become one of Sweden's most influential business houses.

Over time, Carnegie evolved alongside the development of the Nordic economy and capital markets. During the twentieth century, the business increasingly focused on financial services, building on the brokerage business established through Bankirfirman Langenskiöld in the 1930s, which forms the foundation of today's investment bank.

A pivotal moment came in 1968, when Erik Penser and Tomas Fischer joined the firm and introduced a more proactive approach to securities brokerage. Rather than waiting for orders, they actively sought out clients and proposed investment ideas, a model that was largely new to the Swedish market at the time. Their efforts helped transform the business and laid the foundation for Carnegie's future growth in Nordic capital markets.

As capital markets expanded and became increasingly integrated across the Nordic region, Carnegie established leading positions in investment banking, securities and wealth management. More recently, the launch of Montrose reflected a continued commitment to innovation while paying tribute to the Scottish roots of Carnegie's founder. Together with DNB, this heritage forms part of the foundation of today's DNB Carnegie, the leading investment bank and wealth manager in the Nordics.

DNB

DNB’s history began in 1822 with the founding of Christiania Sparebank, Norway’s first savings bank. Established to encourage saving and support economic development, the bank grew alongside Norway’s transformation from a resource-based economy into a modern trading and industrial nation. Over the following decades, a number of institutions that would later become part of DNB played a central role in financing businesses, infrastructure, and international trade. Through innovation, expansion and a series of strategic mergers, including the creation of Den norske Bank in 1990 and DnB NOR in 2003, DNB evolved into Norway’s largest financial services group. Alongside its leading position in banking, DNB built a strong franchise in capital markets, investment banking, securities brokerage and asset management, serving corporates, institutions and investors across sectors and borders. As Norway’s largest foreign exchange bank, DNB supports clients engaged in global trade and investment, combining deep local expertise with an international presence spanning 15 countries. Today, DNB is one of the leading financial institutions in the Nordic region, connecting Nordic businesses and investors to opportunities in global markets.

In 2025, our histories came together through the launch of DNB Carnegie. Bringing together DNB’s financial strength and broad banking capabilities with Carnegie’s leading position in investment banking and wealth management, we created DNB Carnegie, a leading Nordic financial adviser.

United by a common purpose

Although our histories began in different countries and under different circumstances, they are united by a common purpose: helping businesses, investors and communities prosper through changing economic cycles. Across generations, we have built trusted relationships, deep market expertise and a long-term commitment to supporting our clients’ ambitions.

Building on more than 200 years of shared experience and entrepreneurship, we combine local expertise, strong client relationships and international reach to support our clients across the Nordic region and beyond. As part of DNB Group, Norway's largest financial services group, we combine the strength of a leading Nordic financial institution with the specialist expertise of a leading investment bank.