Nordea has entered into an agreement to acquire Gjensidige Forsikring – a leading online bank in Norway – for a total of €578 million.

Gjensidige Bank offers private individuals a suite of digital banking services, mortgages, car financing, unsecured loans and investments online through a network of partners. The agreement also includes a long-term distribution cooperation between the two banks in Norway.

Snorre Storset, branch manager of Nordea Norway, said the acquisition underlines the bank’s ambition to grow in the Norwegian market. “As the largest bank in the Nordics it is natural for us to partner up with the leading insurance company in Norway. This agreement means that many more Norwegians will get a relation to Nordea, and we fully intend to serve them to the best of our capability.”

“Our partnership agreement with Nordea will enable Gjensidige to offer a wider range of financing products to both private and commercial customers,” added Helge Leiro Baastad, chief executive of Gjensidige. “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.”

The acquisition, which is subject to regulatory and other approvals, is expected to close in the first quarter of 2019. It will enhance Nordea's position as the second largest bank in Norway and adds 176,000 customers with €4.8 million worth of assets.

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