Denmark’s Spar Nord Bank, Sparbank announce merger

Spar Nord Bank and Sparbank have agreed to seek a merger, with Spar Nord as the continuing bank, the Danish banks announced on Tuesday.

The merger aims to create a bank with nationwide coverage and a strong market position in the North, Central and West Jutland regions as well as in a number of major cities in other parts of Denmark.

Final completion of the merger is subject to the boards of directors of Spar Nord and Sparbank concluding a final merger plan, approval at extraordinary general meetings expected to be held by the banks in mid-November, and to approval from the Danish Financial Supervisory Authority.

The merger is expected to be completed later this year.