Nordea AB, the Nordic region’s largest bank by market value, agreed to pay the Danish state €121 million for rescued Fionia Bank A/S.
Nordea will take control of 29 branches and 400 employees in the deal with Denmark’s state-owned Financial Stability, the Stockholm-based lender said in a statement today.
Fionia received a 1 billion kroner ($192 million) bailout in February and its operations were taken over by the Danish state after the Odense-based lender failed to meet solvency requirements amid mounting loan losses.
The bank will help Nordea expand in Denmark’s Funen region, according to Nordic head, Peter Schutze.
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Bloomberg