Sydbank to acquire Coop Bank A/S
May 21 2024 - 2:15AM
Sydbank to acquire Coop Bank A/S
Company Announcement No
18/2024 |
Peberlyk 46200 AabenraaDenmarkTel
+45 74 37 37 37Sydbank A/SCVR No DK 12626509,
Aabenraasydbank.dk |
21 May 2024 |
|
Dear Sirs
Sydbank to acquire Coop Bank A/S
Sydbank A/S and Coop amba have concluded an agreement to the
effect that Sydbank will acquire Coop Bank A/S. Following the
acquisition, Coop Bank A/S will become a wholly owned subsidiary of
Sydbank A/S.
In addition the agreement includes a partnership that will
create attractive value propositions for the customers of Coop Bank
A/S as well as for the other members of Coop Danmark. It is
expected that the partnership will generate increased business
volume at Coop Bank A/S.
Purchase priceThe parties have agreed a price
involving payment of the value of the equity at the date of
acquisition plus DKK 89m. The cash purchase price cannot be finally
calculated until the date of acquisition. The preliminary purchase
price has been calculated at DKK 345m.
Terms of acquisitionThe implementation of the
acquisition is conditional upon:
- Approval of the Danish FSA
- Approval of the Danish Competition and Consumer Authority
The terms are expected to be met by 31 July 2024.
Sydbank’s CEO Karen Frøsig on the acquisition:I
am pleased that we acquire Coop Bank and at the same time conclude
a partnership agreement with Coop Danmark. The bank differs from
Sydbank and other traditional banks by having created a seamless
bank with efficient processes. It is a unique offer to the
customers who value few and simple choices.
The acquisition comprises approx 88,000 customers, including
21,000 NemKonto (Easy Account) customers. Coop Bank A/S’s lending
totals DKK 1.3bn and deposits DKK 3.1bn.
As a consequence of the acquisition of Coop Bank, Sydbank’s
annual results are projected to increase by around DKK 40m after
tax.
It is expected that the acquisition will result in a decline in
the capital ratios of the Sydbank Group of around 0.5pp.
Yours sincerely
Karen
Frøsig Jørn Adam
MøllerCEO Deputy
Group Chief Executive
Sydbank AS (TG:TM2)
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