Danske Bank reports this in a press release on Wednesday morning. – We are very pleased to have reached an agreement with Nordea relating to the sale of our private customer business. Danske Bank in Norway has had solid growth in terms of the number of personal customers in recent years, and we obviously felt a significant responsibility when it came to finding a safe and good solution that was in the best interests of these customers. We have now done that, says country manager Erlend Angelfoss of Danske Bank in Norway. It was at the beginning of June that Danske Bank announced that it would leave the Norwegian private market. Angelfoss emphasizes that the bank’s private customers do not need to do anything in connection with the sale. All solutions and services will continue as before the sale, according to the press release. Danske Bank now wants to strengthen itself as a commercial bank. – The strategy is to further strengthen the role as a commercial bank in Norway and take further market shares, and the sale of our retail business will in the long term enable us to achieve this to an even greater extent, says Angelfoss. Danske Bank’s agreement with Nordea must now be reviewed and approved by the Norwegian competition authorities. Given that this part of the process goes through, it is further expected that the sale will finally be completed during the 4th quarter of 2024, alternatively no later than the 2nd quarter of 2025, writes the bank. Danske Bank Norge Danske Bank is the third largest bank in Norway, with headquarters in Trondheim. The bank has a total of 17 branches in Norway. Origin: Danske Bank’s Norwegian operations can be traced back to 1859 when Privatbanken was established in Trondheim. In 1918, the Commercial Bank was also established with its head office in Trondheim. The bank acquired Privatbanken in 1934. Between 1868 and 1932, seven banks were established which later merged and are today what we know as Danske Bank Norge. Fokus Bank was established in 1987 after the last round of mergers. Then the Business Bank, Vestlandsbanken, Bøndernes Bank and Buskerudbanken merged. In 2012, the bank changed its name from Fokus Bank to Danske Bank. Nordea: – Very pleased – We are very pleased to announce this acquisition. It is an important step in the implementation of our Nordic strategy, and it increases the local presence in Norway and supplements the current business. This is what Frank Vang-Jensen, CEO of Nordea, says in a press release following the news of the acquisition. Nordea states that the business to be taken over included the following at the end of 2022: approximately 285,000 customers lending and deposit volumes of EUR 18 billion and EUR 4 billion respectively approximately EUR 2 billion in assets – Negative for the competition Civil economist Hallgeir Kvadsheim was critical to the news that Danske Bank was leaving the Norwegian private market. – I think it is very negative for competition that Danske Bank is now withdrawing from the Norwegian personal customer market, because they have proven to be a price pusher, Kvadsheim said then. Chief shop steward Ellen Lorentzen Stene at Danske Bank said that people were worried about their jobs. – It has been a bit like “OK, what do we do now?” to people who are really worried about their jobs. The entire emotion register is used today and will be used for some time to come. You are also disappointed that you are not invested in, said Stene. Are Oust, professor of social economics at NTNU, thought it was a good opportunity to look around for something new. – And maybe get better terms in another bank.
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Danske Bank sells personal customer business to Nordea – news Norway – Overview of news from various parts of the country
