COPENHAGEN: The Danish FSA and the Danish Competition and Consumer Authority have approved the sale of BankNordik’s Danish activities to Spar Nord.

On 22 December 2020 BankNordik entered into a conditional agreement with Spar Nord on the sale of BankNordik’s Danish activities.

The sale has now been approved by the Danish FSA and the Danish Competition and Consumer Authority, and the acquisition will be completed with 1 February 2021 as the takeover date.

At the publication of the 2020 annual report, BankNordik will address the issue of dividends as well as the need to adjust any of the Group’s financial targets, i.e. the return on equity, cost/income ratio, CET1 ratio and solvency ratio.

BankNordik is a significant player in the Faroe Islands and Greenland and will continue to maintain the Group’s solid position in the Faroese market and ensure a sustained profitable growth in Greenland.

BankNordik has banking activities in Denmark, Greenland and the Faroe Islands and insurance activities in the Faroe Islands. Founded in the Faroe Islands more than a century ago, the Group has total assets of DKK 16.7bn and 360 employees.

The Bank is subject to the supervision of the Danish Financial Supervisory Authority and is listed on Nasdaq Copenhagen. www.banknordik.dk