Nordea confirmed on 18 November 2024 that it had completed the acquisition and full customer migration of Danske Bank's personal customer and private banking business in Norway, finalising a transaction that was first announced in July 2023. The completion of the migration brought 235,000 former Danske Bank customers onto Nordea's Norwegian platform, along with approximately €9 billion in lending and €3 billion in customer deposits.
Nordea published the completion announcement on its website, saying the business had been successfully migrated to Nordea over the preceding weekend.
NORWEGIAN MORTGAGE MARKET SHARE
The addition of the Danske Bank customers was expected to increase Nordea's share of the Norwegian mortgage market from approximately 11% to around 15%.
The acquisition also included Danske Bank's Norwegian private banking business.
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The transaction was announced on 19 July 2023 and required approval from Norwegian competition and financial regulatory authorities before the migration process could commence.
Nordea described the acquisition as an ideal strategic fit that adds significant scale to its Personal Banking business in Norway, in line with its strategy of growing both organically and through bolt-on acquisitions.
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