Nordea, the largest Nordic financial group, has announced the completion of its acquisition of Gjensidige Bank in Norway, announced in July 2018, which will add another 186,000 customers and €5.2bn of customer assets.
The deal also confirms a distribution agreement between Nordea and Gensidige Forsikring, the Norwegian insurer, in regards to mutual distribution of non life insurance and financial products in the country.
Gjensidige Bank will continue to operate as an independent bank under its current brand name "until further notice".
John Sætre, head of Personal Banking at Nordea in Norway, said the deal underlined the group's focus on growing in the Norwegian market, where it is the second largest bank in the local market.
"As the largest bank in the Nordics, it is natural for us to partner up with the leading insurance company in Norway. We are certain that all our customers will benefit from the bigger and better offering resulting from this partnership."
Helge Leiro Baastad, CEO of Gjensidige, said: "We have high expectations for the cooperation with Nordea. We complement each other well, and there's a lot of enthusiasm in both organisations. The agreement will also provide the opportunity to expand our customer reach through one of the leading Nordic banks with digitalisation and innovation high on the agenda."