Nordea’s acquisition of Danske Bank under review

Nordea Bank, based in Helsinki, has initiated a significant move that has piqued the interest of the Norwegian Competition Authority. They are in the process of acquiring Danske Bank’s Norwegian personal customer, private banking services, and asset management portfolios. This proposed acquisition, which was formalised on July 19, 2023, is currently undergoing an extended review, primarily due to the highly competitive landscape within Norway’s banking sector.

The strategic manoeuvre by Nordea is strategically aimed at safeguarding the interests of Danske Bank’s former customers as the latter exits the Norwegian personal banking market. Through this acquisition, Nordea is poised to integrate roughly 285,000 customers into its fold, managing a substantial lending portfolio of €18 billion ($19.3 billion), deposit volumes totalling €4 billion, and assets valued at around €2 billion.

Randi Marjamaa, Nordea’s Country Senior Executive and Head of Personal Banking in Norway, views this acquisition as a robust and constructive solution for customers affected by Danske Bank’s decision to withdraw from the Norwegian personal banking sector. This move reflects Nordea’s commitment to providing continuity and quality service to these customers during this transition.