Nordea acquires Fionia Bank
(Thomson Reuters ONE) - Nordea continues to execute on its growth strategy and acquires theDanish Fionia Bank from Finansiel Stabilitet A/S. Nordea has signedan agreement to acquire Fionia Bank, excluding the 'bad bank' part,and thereby further strengthens its position and gets a very strongmarket position in the Funen region in Denmark.Nordea takes over leases and employees in the 29 branches, in total400 employees. In one go Nordea doubles its market share in the Funenregion and will introduce its broad product offering to Fionia Bank'scustomer base. By introducing Nordea's operating model, sizeable costsynergies will be realised. Additional synergies will be achievedthrough Nordea's competitive funding position.The credit quality in the acquired bank is solid, since the 'badbank' is separated out and is kept by Finansiel Stabilitet A/S.Impaired loans in the acquired portfolios are in line with the ratioin Nordea's own Danish portfolio.- We have captured a unique opportunity. By acquiring Fionia wecontinue our growth in Denmark and get a very strong market positionin the Funen region, to the benefit of both Fionia's and Nordea'scustomers and our shareholders, says Peter Schütze, Head of NordicBanking.In total the transaction means that Nordea acquires a customerportfolio comprising:75,000 household customers9,500 corporate customersTotal lending of approx EUR 874m (DKK 6.5bn)The acquisition price is EUR 121m (DKK 900m). In addition Nordea willre-capitalise the bank.Nordea's lending in Nordic Banking Denmark amounted to EUR 68.9bnend-June, which means that the transaction increases the loanportfolio by approx. 1%. The deal is expected to have a clearlypositive return on investment from 2011.The transaction is subject to approval from the Danish FSA and otherrelevant authorities.Nordea Corporate Finance has acted as financial adviser in connectionwith the transaction.For further information:Johan Ekwall, Head of Investor Relations, +46 8 614 78 52Peter Schütze, Head of Nordic Banking, +45 33 33 42 00Anders Jensen, Head of Banking Denmark, +45 3333 6916Claus Christensen, Chief Press Officer, Denmark, +45 33 33 12 79http://hugin.info/1151/R/1338152/319177.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 31.08.2009 - 08:00 Uhr
Sprache: Deutsch
News-ID 5258
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