Sweden’s Nordea looks to invest EUR578 million in cash to acquire the online banking arm of Norwegian insurer Gjensidige.
With the acquisition, Nordea will become the second largest bank in Norway by an addition of 176K customers with EUR 4,840 million customer assets.
Gjensidige’s insurance products will also get distributed by Nordea to its 900,000 customers in Norway.
The acquisition will be in effect from the first quarter of 2019, with the bank welcoming 170 employees from Gjensidige to the group.
“We are firmly convinced about the strategic importance of offering both insurance and financing products to our customers in Norway. The agreement will also provide the opportunity to expand our customer reach through one of the leading Nordic banks with digitalisation and innovation high on the agenda,” added “Helge Leiro Baastad, CEO, Gjensidige.