Nordic financial services company Nordea has concluded the acquisition of Danske Bank‘s personal customer and private banking business in Norway.
This move is anticipated to fortify Nordea’s position in the Norwegian market, specifically among household customers.
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The acquisition, which aligns with Nordea’s growth strategy in the Nordic region, is expected to expand its mortgage market share in Norway to an estimated 15% from the current 11%.
In July 2023, Nordea agreed to acquire Danske Bank’s Norwegian personal customer and private banking business, along with the associated asset management portfolios.
The business will now be integrated and operated under the Nordea brand.
Nordea stated the transaction was structured as an asset and liability transfer for “fair value”.
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By GlobalDataNordea Group CEO and president Frank Vang-Jensen said: “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.”
At the time of transfer, the business included approximately 235,000 customers, lending and deposit volumes of €9bn ($9.5bn) and €3bn ($3.16bn) respectively, and around €1.2bn ($1.26bn) of assets under management.
Additionally, five outstanding covered bonds will be transferred to Nordea, to be included in the cover pool of Nordea Eiendomskreditt.
In 2021, Nordea Bank adopted AxiomSL’s RegCloud platform for risk and regulatory compliance.
