Sydbank to acquire 100% of Coop Bank
Sydbank has agreed to take over the entirety of Coop Bank from the cooperative association, Coop amba, acquiring 88,000 customers as stated in a stock exchange announcement. The deal is currently valued at 345 million DKK, with the final purchase price to be disclosed on the day of acquisition, expected in July. Sydbank’s CEO, Karen Frøsig, celebrates the purchase and the inherent partnership with Coop Denmark, highlighting Coop Bank’s success in creating a simple and efficient banking model. The transaction is subject to approval from the Financial Supervisory Authority and the Competition and Consumer Authority. Coop Bank, which has been on the market earlier this year following an agreement with energy company OK to attract new capital, currently holds 1.3 billion DKK in loans and 3.1 billion DKK in deposits. Both parties aim to create attractive offers for Coop Bank customers through their partnership.