Nordea to acquire Danske Bank’s personal customer business and associated savings assets in Norway

Press releases | 19-07-2023 07:30

Nordea has entered into an agreement with Danske Bank (Danske) to acquire its Norwegian personal customer and private banking business and associated asset management portfolios. The acquisition is an ideal strategic fit for Nordea and will strengthen Nordea’s market position in Norway among household customers.

The acquisition of Danske’s personal customer and private banking business in Norway fits well into Nordea’s strategy to grow in the Nordic region organically and also through bolt-on acquisitions. The transaction is expected to increase Nordea’s mortgage market share in Norway to around 16%* from currently 11%.

“We are very pleased to announce this acquisition, which is an important step in executing our Nordic strategy, and which expands our presence in Norway in a complementary manner. It will add significant scale to our Personal Banking business in Norway and offers value creation opportunities through clear revenue and cost synergies. Most importantly, this will serve our new customers, who will benefit from our broad financial offering, expertise and leading digital services,” says Frank Vang-Jensen, President and Group CEO of Nordea.

Great customer experiences

The acquired business will be integrated into Nordea and operated under the Nordea brand. Until closing, Danske will continue to maintain the customer relationships as previously. No action is required from customers at this stage, and they will be kept informed of the progress of the transaction.

“We look forward to welcoming our new customers and colleagues to Nordea. Our new customers will have access to easy-to-use digital offerings, a high service level, proactive and personal advice from our skilled local advisers and a product suite that supports the breadth of their needs. Nordea is a great place to work with rich career and development opportunities, and we look forward to bringing on board our new colleagues in Trondheim and across Norway,” says Randi Marjamaa, Head of Nordea Personal Banking in Norway.

In recent years, Nordea has materially grown its operations in the Nordic markets, including the acquisition of Norway-based Gjensidige Bank and SG Finans, and Topdanmark Life. With one of the strongest balance sheets in Europe, Nordea will continue to take the opportunities to drive profitable growth both organically and through selective acquisitions.

About the transaction

The transaction is structured as a transfer of assets and liabilities at book value. Assets will be transferred at fair value and there is no goodwill payable on the assets. Any movement in assets and liabilities between signing and closing will be reflected in the consideration at closing. Nordea only pays for the asset and liabilities that are transferred at closing.

At the end of 2022 the business to be transferred comprised:

-          approximately 285,000 customers,

-          lending and deposit volumes of EUR 18bn and 4bn, respectively, and

-          approximately EUR 2bn of assets under management.

The size of the portfolio to be transferred, and the consideration paid, will be determined at closing, at which point the transaction is expected to:

-          improve the cost-to-income ratio and return on capital at risk of Nordea’s Personal Banking Norway business,

-          decrease the CET1 ratio by approximately 40-50bps, and

-          positively impact the Nordea Group’s earnings per share and return on equity, in line with the size of the acquired portfolio.

The transaction is subject to regulatory approvals and is expected to close in late 2024.

Nordea will organise a conference call for investors and analysts at 8.45am CET. The call will be held as a Microsoft Teams meeting and we recommend that participants join the event using the online meeting option: Join meeting here

It is also possible to dial in to the meeting about 5 minutes earlier at the following numbers:
FI: +358 9 85626378, DK: +45 32 72 05 68, SE: +46 8 505 218 20, NO: +47 21 40 21 35,
UK: +44 20 3321 5213, US: +1 347-774-4962.

Conference ID: 957 514 786#

* Pro forma combined Nordea Personal Banking Norway and the business to be transferred as at 31 December 2022.

For further information:

Media inquiries, +358 10 416 8023 or press [at]


We are a universal bank with a 200-year history of supporting and growing the Nordic economies – enabling dreams and aspirations for a greater good. Every day, we work to support our customers’ financial development, delivering best-in-class omnichannel customer experiences and driving sustainable change. The Nordea share is listed on the Nasdaq Helsinki, Nasdaq Copenhagen and Nasdaq Stockholm exchanges. Read more about us at

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