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Nordea (CPH:NDA) Nordea has signed an agreement to acquire nine branches from "Bankaktieselskabet af 24. august 2008" (Roskilde Bank).
Thereby Nordea further strengthens its position in the Zealand region in Denmark.
In total the transaction means that Nordea acquires a customer portfolio comprising: 42,000 household customers 6,000 corporate customers DKK 5.5bn (EUR 0.8bn) in lending and guarantees DKK 2.7bn (EUR 0.4bn) in deposits.
An estimated funding gap of DKK 2.8bn will be replaced with Nordea's own funding.
Nordea takes over leases and employees in the nine branches, in total 152 employees.
The price for the portfolio is agreed to be EUR 47m.
The transaction is subject to approval from the Danish FSA and other relevant authorities.
Since August, when Roskilde Bank was taken over by the Danish central bank and Det Private Beredskab (the Danish banking sector's contingency association), the bank has been split into a "performing" and "non-performing" bank. The high leveraged real estate loans have all been allocated to the "non-performing" bank. The business volume that Nordea acquires is transferred from the "performing" bank, a traditional retail bank with a well-diversified loan portfolio.
Within 6 weeks following closing of the transaction, which is expected to take place in the second half of October, Nordea is entitled to return lending and guarantees which are considered unattractive.
Within 24 month after closing Nordea is entitled to return lending granted to acquire shares in Roskilde Bank.
Integrating the nine branches into Nordea's branch network will create cost synergies and more synergies will be derived from implementing Nordea's operating model in the new branches.
Nordea's lending in Nordic Banking Denmark amounted to EUR 64.9bn end-June, which means that the transaction increases the loan portfolio by approx. 1.2%. The deal is expected to have an insignificant, but positive, effect on Nordea's income statement from 2009.
For further information: Johan Ekwall, Head of Investor Relations, +46 8 614 78 52 Anders Jensen, Head of Banking Denmark, +45 3333 6916
