ABGSC acted as exclusive financial advisor to P/F BankNordik in connection with the sale of its business in Denmark to Spar Nord Bank A/S

BankNordik has today announced an agreement with Spar Nord Bank, where Spar Nord Bank acquires BankNordik’s business in Denmark.
BankNordik’s Danish business comprises more than 60,000 customers spread across 11 branches in Jutland, Funen and Zealand with a total of approx. 130 employees. The Danish business comprises lending and guarantees of DKK 3.7bn, mortgage loans of DKK 11.1bn and deposits of DKK 5.8bn. Following the transaction, BankNordik will continue to strengthen its position as a leading bank with a focus on the North Atlantic region as it continues to maintain a solid foothold in the Faroe Islands and Greenland.
The transaction is structured as a transfer of asset and liabilities at book value. In addition, BankNordik will receive a goodwill consideration of DKK 255m. Further, as part of the transaction, a senior loan of DKK 1,000m has been established. As a consequence of the transaction, the CET1 ratio is expected to increase from 21.1% as per 30 September 2020 to 32.5% corresponding to a surplus of more than DKK 900m.
The transaction is subject to customary approval from the Danish FSA and antitrust approval and is expected to close the 1 st of March 2021