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September 1, 2009

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Nordea to buy Fionia from Denmark

SWEDISH bank Nordea AB said yesterday it has signed a contract to buy Denmark's Fionia Bank for 121 million euros (US$172.9 million) from the Danish state.

The Stockholm-based bank said the acquisition includes around 400 staff at 29 bank branches, but excludes some 2,000 troubled corporate customers.

The Danish state took control of Fionia following the global financial meltdown in February and injected 1 billion kroner (US$169 million) into the bank to meet solvency requirements.

Nordea - the Nordic region's biggest financial group - said it expects to achieve cost synergies through the deal and pointed out the credit quality in the acquired bank is solid, since the bad assets have been left out under the transaction.

The deal is pending approval from Danish competition authorities and is expected to be concluded in October.


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