Nordea completes acquisition of Gjensidige Bank

Gjensidige and Nordea announced on Friday the successful acquisition of Gjensidige Bank ASA by Nordea, said Nordea

In connection with the completion of the transaction, the mutual distribution agreement between Nordea and Gjensidige Forsikring will also take effect.

As announced in July 2018 the transaction covers the acquisition of all shares in Gjensidige Bank as well as a strategic partnership agreement with Gjensidige Forsikring with respect to mutual distribution of non-life insurance and financial products in Norway. The acquisition has been approved by the Norwegian Competition Authority and the Financial Supervisory Authority of Norway.

Gjensidige Bank will until further notice continue to operate as an independent bank under its current brand name. Nordea welcomes Gjensidige Bank customers and employees.

“This acquisition underlines our strategy and ambition to grow in the important Norwegian market. Our goal is to provide our customers with a broader selection of services and innovative banking solutions. Nordea has a very strong position in Norway and we look forward to serving our new customers,” said John Sætre, Head of Personal Banking at Nordea in Norway.

As Nordea takes over the banking operations, it also enters into a mutual partnership agreement with Gjensidige Forsikring.

“We have high expectations for the cooperation with Nordea. We complement each other well, and there’s a lot of enthusiasm in both organisations. The agreement will also provide the opportunity to expand our customer reach through one of the leading Nordic banks with digitalisation and innovation high on the agenda,” said Helge Leiro Baastad, CEO of Gjensidige.

The acquisition will enhance Nordea’s position as the second largest bank in Norway and adds 186,000 customers with EUR 5.2bn (NOK 51.6bn) customer assets (as of 31 December 2018). Gjensidige Bank will gradually be integrated into Nordea, and Nordea will welcome about 200 employees from Gjensidige Bank.