The Financial Supervisory Authority (FSA) has approved Nordea's acquisition of Danske Bank's personal customer and private banking business in Norway. The approval is limited to the Norwegian personal customer and private banking sector, with the evaluation of associated asset management portfolios set for a later date.
This development follows the Norwegian Competition Authority's announcement in December 2023, which also approved the transaction. Nordea anticipates that this acquisition will enhance its market position among household customers in Norway.
"We are satisfied that the Norwegian Financial Supervisory Authority has approved the acquisition, following up on the clearance from the Danish Financial Supervisory Authority and the Norwegian Competition Authority. We are already working on preparing for welcoming and taking care of our new customers and new employees," said Randi Marjamaa, Country Senior Executive and Head of Personal Banking Norway.
Nordea plans to collaborate with Danske Bank to ensure a seamless transition for customers, aiming to finalize the acquisition by late 2024.
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