May 28th 2012

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Nordic banking giant created

Published on March 6, 2000; Published on February 13, 2011

Unidanmark, Denmark's second-largest bank, and Swedish-Finnish MeritaNordbanken announced Monday that they agreed to merge, creating the Nordic region's biggest financial institution with a market capitalization of 15.6 billion euros ($15.3 billion).

Topics :: Nordic , Unidanmark , MeritaNordbanken , Denmark

Under the terms of the agreement, Unidanmark shareholders will hold 30 per cent of the new company and MeritaNordbanken shareholders will have 70 per cent. Together, the banks have 186 billion euros in assets. The new company will combine MeritaNordbanken's strong position in the Swedish, Finnish and Baltic markets with Unidanmark's retail banking and insurance services in Denmark.

The companies said their combined group will have 9 million customers and expects to generate 200 million euros in annual savings.

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