Divestments & Acquisitions 2002
Divestments
September
Nordea sells its shares in Europay Norge AS to SEB Kort for NOK 1,000m and makes a gain of approx. EUR 24m.
June
Nordea Bank Finland sells the majority interest in Contant Oy to Sponsor Capital and makes a capital gain of approx. EUR 22m.
Tryg i Danmark buys Nordea's General Insurance business for a price equal to EUR 760m in cash. Nordea booked a loss on sale of approx. EUR 40m. In Q1/05 an additional income of EUR 40m related to the sale of the general insurance business in 2002 was included. As part of the sales agreement, Nordea was entitled to an additional deferred contingent consideration depending on, among other things, the sold company's performance through year end 2004.
Acquisitions
May
Nordea signs a purchase agreement with LG of Korea to purchase 54.3% of the shares in the Polish Bank LG Petro Bank. Nordea will make a tender offer for all outstanding shares in LG Petro Bank at PLN 21 per share (EUR 128m in total).
Nordea Finance Finland Ltd purchases the financing operations of Sonera gateway Ltd, a wholly-owned subsidiary of the Sonera Corporation.
Nordea general insurance company Tryg Forsikring A/S and the Norwegian sister company, Vesta Forsikring AS reaches an agreement with Zurich Financial Services Group to aqcuire a substantial part of Zurichs's non-life lines of business in Denmark and Norway.
