Nordea buys Danske Bank’s personal customer business in Norway

By Gloria Methri

Nordea has entered an agreement with Danske Bank to acquire its Norwegian personal customer and private banking business and associated asset management portfolios.

The acquisition will help Nordea strengthen its market position in Norway among household customers. The transaction is expected to increase the company’s mortgage market share in the country to around 16% from the current 11%.

Frank Vang-Jensen, President and Group CEO of Nordea said, “We are very pleased to announce this acquisition, which is an important step in executing our Nordic strategy, and which expands our presence in Norway in a complementary manner. It 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.”

The acquired business will be integrated into Nordea and operated under the same brand. Until closing, Danske will continue to maintain the customer relationships as previously. No action is required from customers, and they will be kept informed of the progress of the transaction.

“We look forward to welcoming our new customers and colleagues to Nordea,” said Randi Marjamaa, Head of Nordea Personal Banking in Norway. “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.”

In recent years, the company has materially grown its operations in the Nordic markets, including the acquisition of Norway-based Gjensidige Bank and SG Finans, and Topdanmark Life. Nordea aims to continue to take the opportunities to drive profitable growth both organically and through selective acquisitions.