Shareholders agree to combine Jutland banks

Investors in Spar Nord and Sparbank approve merger that will create Denmark’s sixth largest bank

November 14th, 2012 12:54 pm| by admin

Investors in the Aalborg-based Spar Nord bank have approved a plan to merge with Skive-based Sparbank, creating a new bank that will carry the Spar Nord name and serve 320,000 customers with 90 branches across the country.

Yesterday's vote comes after Sparbank shareolders approved the plan on Monday.

The agreement, which creates the country's sixth largest bank, marks the first time in recent years that two healthy banks have merged. The merger was widely expected to be approved after the Spar Vest Fonden, Sparbank's largest shareholder, had indicated it would vote in favour. 

The merger still must be approved by Finanstilsynet (FSA), the financial supervisory administration.

“We have been very thorough in preparing for this merger and we are eager to move forward, “Spar Nord managing director Lasse Nyby told Jyllands-Posten newspaper.

Nyby said that the merger will improve the new bank’s ability to compete and market position throughout Jutland and in key locations nationwide.

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