The Danish Financial Supervisory Authority has approved Arbejdernes Landsbank’s acquisition of PenSam Bank. A merger is imminent.
Arbejdernes Landsbank is taking over PenSam Bank, and thus 17,000 customers and 40 employees will now be part of the group, the bank announced on Tuesday morning, after the Danish Financial Supervisory Authority approved the takeover.
“PenSam Bank is a well-run bank with which we share strong values. Now we have come an important step closer to being able to welcome both their customers and employees into the community at Arbejdernes Landsbank,” says Frank Mortensen, Deputy CEO of Arbejdernes Landsbank.
The reason why the acquisition is not yet complete is that the longer-term plan is for PenSam Bank to be wound up and merged into Arbejdernes Landsbank. This requires further approval from the Danish Financial Supervisory Authority, which is expected to be granted sometime in the autumn.
When this happens, Arbejdernes Landsbank’s customer base will grow by five percent. Arbejdernes Landsbank currently has 350,000 customers, making it the country’s fifth-largest bank. The bank was founded in 1919 and is owned by a broad group of trade unions, trade unions and cooperatives. The main shareholder is the Danish Trade Union Confederation, which owns 33 percent of the shares.
PenSam Bank is a bank that mainly serves members of PenSam Pension, which has also owned and operated the bank until now. The decision to sell the banking business is justified by the increased legal requirements for banks, while there is only modest synergy with the pension business.
ritzau
