Nordea has entered into an agreement to buy Danske Bank’s personal customer business and associated savings assets in Norway for an undisclosed sum.

The Finnish bank said that the acquisition, which is expected to receive regulatory approval and close by late 2024, is an ideal strategic fit and will strengthen its market position in Norway among household customers.

“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.”

As of the end of 2022, Nordea said the assets to be transferred include around 285,000 customers, lending and deposit volumes of €18 billion and €4 billion respectively, and approximately €2 billion of assets under management.

Nordea added that the acquired business will eventually be folded into its existing operations in Norway, but until closing, Danske will continue to maintain the business’s customer relationships.

Share Story: