Nordea’s acquisition of Danske Bank’s Norwegian sectors under extended review

In a move that has drawn the attention of the Norwegian Competition Authority, Helsinki-based Nordea Bank is set to acquire Danske Bank’s Norwegian personal customer, private banking services, and asset management portfolios. The proposed acquisition, which was agreed upon on 19 July 2023, is currently under extended review due to the intense competition within Norway’s banking sector.

The strategic move by Nordea is designed to serve the best interests of Danske Bank’s former customers as the latter withdraws from the Norwegian personal banking market. With this acquisition, Nordea is set to absorb approximately 285,000 customers and manage €18 billion ($19.3 billion) in lending volumes, €4 billion in deposit volumes, and assets valued around €2 billion.

Nordea’s Country Senior Executive and Head of Personal Banking Norway, Randi Marjamaa, sees this acquisition as a robust solution for customers impacted by Danske Bank’s decision to withdraw from the Norwegian personal banking market.

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