Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

Nordea announces Danish bank takeover

Share this article

11:06 CEST+02:00
Sweden's biggest bank Nordea has announced the purchase of rival Danish lender Fionia for 900 million Danish kroner ($173 million).

"Nordea has signed an agreement to acquire Fionia Bank, excluding the 'bad bank' part, and thereby further strengthens its position and gets a very strong market position in the Funen region in Denmark," the firm said in a statement.

"The deal is expected to have a clearly positive return on investment from 2011," Nordea said, adding that it would take over 400 Fionia employees. The agreement is subject to approval by Danish financial authorities.

Nordea has managed to avoid much of the fallout from US "toxic assets" and announced higher-than-expected net profits for the second quarter of 2009 although it still warned that losses from bad loans could mount.

Get notified about breaking news on The Local

Share this article

The Local is not responsible for content posted by users.
Become a Member or sign-in to leave a comment.

From our sponsors

Swedish for programmers: Tailored Swedish courses for techies

How do you get a job in Sweden's competitive tech industry if you're new to the country and don't speak the language? Enter SFX-IT, a specialised language course tailored for foreign techies living in Sweden.