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Nordea buys Gjensidige Bank for an estimated $ 5.5 billion, which will be adjusted according to the equity generated by Gjensidige Bank until the end of the transfer. The agreement also includes long-term strategic distribution cooperation with Gjensidige in Norway.
"A big step for us"
– This is an important step for us and supports our strategy and our ambition to grow on the important market in Norway. says the head of Nordea Norway Snorre Storset.
He points out that, as the largest bank of the Nordic Bank, it is natural for them to merge with the leading insurance company in Norway.
– This agreement means that many more Norwegians will have a relationship with Nordea, and we will serve them in the best possible way, "he says.
Gjensidige's leader, Helge Leiro Baasstad, says he is convinced of the strategic value of providing insurance and financing products to their customers in Norway
– Our cooperation with Nordea will allow Gjensidige to offer a wider range of financing products for The agreement also gives us the opportunity to reach new customers through one of the leading banks in the Nordic region, where digitization and Innovation is high on the agenda, we are very pleased with the agreement and look forward to working closely with Nordea in the future, "said Baastad.
Completed in the first quarter of 2019
The acquisition, which requires regulatory approvals and other controls, is expected to be completed in the first quarter. 2019.
– The acquisition will strengthen Nordea's second-largest banking position in Norway and provide 176,000 customers with loan volumes of 4840 million euros, the report says.
Nordea plans to generate annual cost synergies of approximately 25 million euros with the Nordea and Gjensidige combined revenue base by 2022.
– In addition, Revenue synergies will exist with growth ambitions. The acquisition will have a positive impact on Nordea 's earnings per share from the first year, with a return of around 16% by 2022 and a reduction of approximately 60 basis points from the previous year. Nordea.
– We consider Nordea and Gjensidige as natural strategic partners. Both have a strong internal culture and we share the same values. We are confident that all our customers will benefit from the greater and better offer that comes when these two powerful partners meet, "said Nordea Storset's Chief. [0] (Terms)
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