Vestjysk Bank and Den Jyske Sparekasse have concluded an agreement to merge. It is recommended that the merger be adopted at extraordinary general meetings of both banks on 13 January 2021.
The merger will create the 8th largest bank in Denmark and one of the largest locally anchored banks in Denmark with a balance sheet of DKK 38bn and a total business volume of DKK 127bn. As a result of the merger, significant synergies and a larger scale will be obtained.
Vestjysk Bank will be the surviving listed bank and will continue under Vestjysk Bank’s name and logo. On implementation of the merger, all assets, equity and liabilities of Den Jyske Sparekasse will be transferred to Vestjysk Bank.
In connection with the implementation of the merger, new shares in Vestjysk Bank will be issued and sought admitted to trading and official listing on Nasdaq Copenhagen.
The merger is subject to adoption at the extraordinary general meetings and approval from both the Danish Financial Supervisory Authority and the Danish Competition and Consumer Authority.
Accura has advised Vestjysk Bank throughout the process.