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Swedish regulators OK Swedbank's acquisition of Sparbanken A-resund.

BANKING AND CREDIT NEWS-May 21, 2014--Swedish regulators OK Swedbank's acquisition of Sparbanken A-resund


21 May 2014 -- Stockholm-based financial services firm Swedbank AB (STO: SWEDA) (OSE: SWED) (LSE: SWK) said that The Swedish Financial Supervisory Authority has approved Swedbank's acquisition of Sparbanken Oresund and the creation of Sparbanken Skane.

All permissions have now been granted and the integration process will start, the bank said.

As announced in February 2014, Swedbank acquired all outstanding shares in Sparbanken Oresund. As part of the acquisition Swedbank will sell Sparbanken Oresund's business activities in Eslov, Kavlinge, Lund and Staffanstorp to Sparbanken Skane.

The acquisition has already been approved by the Swedish Competition Authority and by the board of directors of Sparbanksstiftelsen Oresund and Sparbanksstiftelsen Gripen.

Sparbanken Skane will be owned by Sparbanksstiftelsen Fars & Frosta, Sparbanksstiftelsen 1826 and Sparbanksstiftelsen Oresund with 26% each and by Swedbank owning 22%.

An update over the financial impact for Swedbank following the acquisition will be provided as soon as the integration work has advanced.

Swedbank AB (formerly Foreningssparbanken) is a Nordic-Baltic banking group offering retail banking, asset management, financial, and other services.

The first Swedish saving bank was founded in Gothenburg in 1820. In 1992, a number of local savings banks merged to create Sparbanken Sverige, which was known simply as Sparbanken.

In 1995, this bank was listed on th eStockholm Stock Exchange and in 1997, it merged with Foreningsbanken under the combined name ForeningsSparbanken

On 8 September 2006, Foreningssparbanken AB changed its name to Swedbank AB. On the same date, the subsidiary AB Spintab changed its name to Swedbank Hypotek AB (Swedbank Mortgage AB in English) and Foreningssparbanken Jordbrukskredit AB changed its name to Swedbank Jordbrukskredit AB. Other subsidiaries will change their names at later dates, the bank said.

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Publication:M2 Banking & Credit News (BCN)
Date:May 21, 2014
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