Jyske Bank A/S (CPSE:JYSK) entered into an agreement to acquire Business activities of Svenska Handelsbanken AB in Denmark from Svenska Handelsbanken AB (publ) (OM:SHB A) on June 20, 2022. Under the terms, Jyske Bank will pay a cash consideration to be determined at closing for Handelsbanken Denmark’s assets and liabilities as well as DKK 3 billion of goodwill. The deal has been executed with an undisclosed amount. Handelsbanken Denmark’s clients will remain in close proximity to a physical branch in their local area and gain access to a larger branch network through this acquisition. Clients will be able to keep their usual advisors. Adjustment of the number of employees in Jyske Bank after closing is expected to take place largely through natural attrition. The deal is subject to receipt of approvals from the relevant regulatory and anti-trust authorities. Approval has been granted by the Danish Competition and Consumer Authority to Danish Jyske Bank for its acquisition of the Danish business of Swedish bank Handelsbanken. As of November 30, 2022, all conditions for the transaction have been met. The deal is expected to close in fourth quarter of 2022. As of November 30, 2022, the transaction will be completed on December 1, 2022. BofA Securities, Inc. acted as financial advisor and Bech-Bruun Dragsted acted as legal advisor to Jyske Bank. Morgan stanley advised Svenska Handelsbanken AB (publ) (OM:SHB A) in the transaction. Morgan Stanley AB acted as financial advisor to Svenska Handelsbanken AB (publ) (OM:SHB A).

Jyske Bank A/S (CPSE:JYSK) completed the acquisition of Business activities of Svenska Handelsbanken AB in Denmark from Svenska Handelsbanken AB (publ) (OM:SHB A) for DKK 34.4 billion on December 1, 2022.