Alm. Brand has sold its entire banking business to Sydbank for approx. DKK 1.8bn.
The transaction results in the transfer of 55,000 bank customers, 350 employees and bank loans and advances totalling more than DKK 20bn from Alm. Brand to Sydbank, making Sydbank the largest distributor of Totalkredit mortgage loans.
Concurrently with the transaction, Alm. Brand and Sydbank have established a new strategic partnership to create attractive financial solutions to the benefit of the customers of both groups.
Following the transfer of the banking business to Sydbank, Alm. Brand will now focus on pension and insurance products.
The transaction is subject to approval by the Danish Financial Supervisory Authority and the Danish Competition and Consumer Authority.
Accura advised Alm. Brand in connection with the transaction.