The acquisition was announced on 19 July 2023. After careful preparations the business was successfully migrated to Nordea last week-end bringing 235,000 new customers to the bank.

The acquisition fits well into Nordea's strategy to grow in the Nordic region organically and also through bolt-on acquisitions. It adds significant scale to our Personal Banking business in Norway and provides value creation opportunities through offering the customers a broader set of products and services. The transaction is expected to increase Nordea's mortgage market share in Norway to around 15% from current 11%.

"We are very pleased to finalise the acquisition and welcome our new customers and colleagues to Nordea. We look forward to serving our new customers and meeting all their financial needs with Nordea's broad offering," says Frank Vang-Jensen, President and Group CEO of Nordea.

About the transaction

The transaction is structured as a transfer of assets and liabilities. Assets are transferred at fair value, and Nordea only pays for the assets and liabilities that are transferred.

At the time of transfer the business comprised:

• approximately 235,000 customers,
• lending and deposit volumes of EUR 9bn and 3bn, respectively, and
• approximately EUR 1.2bn of assets under management (closes on Dec 6)
• as part of the transaction, five outstanding covered bonds will be transferred to Nordea. The notes will be included in the cover pool of Nordea Eiendomskreditt and will obtain a rating by Moody's (expected Aaa).

The transaction is expected to:

• improve the cost-to-income ratio and return on allocated equity of Nordea's Personal Banking Norway business by adding slightly more than EUR 100m of annual income, at a marginal additional cost.
• decrease the CET1 ratio by approximately 40bps, and
• positively impact the Nordea Group's earnings per share and return on equity, in line with the size of the acquired portfolio.

For further information

Media inquiries, +358 10 416 8023 or press@nordea.com
 

We are a universal bank with a 200-year history of supporting and growing the Nordic economies - enabling dreams and aspirations for a greater good. Every day, we work to support our customers' financial development, delivering best-in-class omnichannel customer experiences and driving sustainable change. The Nordea share is listed on the Nasdaq Helsinki, Nasdaq Copenhagen and Nasdaq Stockholm exchanges. Read more about us at nordea.com.