Nordea buys Danske Bank’s private banking business in Norway

Nordea Bank, the largest bank in the Nordic countries on Monday completed the acquisition of Danske Bank’s Norwegian personal customer and private banking business, said Nordea in a press release.

Nordea aims to strengthen its market position in Norway among household customers.

The acquisition was announced in July 2023 and after careful preparations the business was successfully migrated to Nordea last week-end bringing 235,000 new customers to the bank.

It adds significant scale to Nordea´s Personal Banking business in Norway and provides value creation opportunities through offering the customers a broader set of products and services.

The transaction is expected to increase Nordea’s mortgage market share in Norway to around 15% from current 11%.

“We are very pleased to finalise the acquisition and welcome our new customers and colleagues to Nordea. We look forward to serving our new customers and meeting all their financial needs with Nordea’s broad offering,” said Frank Vang-Jensen, President and Group CEO of Nordea.

The transaction is structured as a transfer of assets and liabilities. Assets are transferred at fair value, and Nordea only pays for the assets and liabilities that are transferred.

At the time of transfer the business comprised of about 235,000 customers, lending and deposit volumes of EUR 9 billion and 3 billion respectively and about EUR 1.2 billion of assets under management.