DNKEY Danske Bank AVS (PK)

By Dominic Chopping

Nordea Bank said Tuesday that the Norwegian Competition Authority has said it will take more time to review the bank's proposed acquisition of Danske Bank's Norwegian personal customer and private banking business.

Nordea announced the deal earlier this year, which it said would see around 285,000 customers, lending volumes of 18 billion euros ($19.3 billion), deposit volumes of EUR4 billion and around EUR2 billion of assets under management transferred to the Helsinki-based bank.

"Our view is that the Norwegian banking sector is characterised by keen competition, and that Nordea is a very good solution for the customers in light of Danske Bank's decision to exit the Norwegian market for personal customers," said Randi Marjamaa, Nordea's head of personal banking Norway.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

November 07, 2023 03:28 ET (08:28 GMT)

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