Nordea buys Danske Bank's Norwegian operations

Nordea, the largest bank in Nordic countries has entered into an agreement with Danske Bank (Danske) to acquire its Norwegian personal customer and private banking business and associated asset management portfolios, said Nordea in a press release on Wednesday.

The transaction is expected to increase Nordea’s mortgage market share in Norway to around 16% from the existing 11%.

“It ( the acquisition) will add significant scale to our Personal Banking business in Norway and offers value creation opportunities through clear revenue and cost synergies. Most importantly, this will serve our new customers, who will benefit from our broad financial offering, expertise and leading digital services,” said Frank Vang-Jensen, President and Group CEO of Nordea.

The acquired business will be integrated into Nordea and operated under the Nordea brand. Until closing, Danske will continue to maintain the customer relationships as previously.

No action is required from customers at this stage, and they will be kept informed of the progress of the transaction.

“We look forward to welcoming our new customers and colleagues to Nordea. Our new customers will have access to easy-to-use digital offerings, a high service level, proactive and personal advice from our skilled local advisers and a product suite that supports the breadth of their needs. Nordea is a great place to work with rich career and development opportunities, and we look forward to bringing on board our new colleagues in Trondheim and across Norway,” said Randi Marjamaa, Head of Nordea Personal Banking in Norway.

In recent years, Nordea has materially grown its operations in the Nordic markets, including the acquisition of Norway-based Gjensidige Bank and SG Finans, and Topdanmark Life.