...July 19, 2023 FRANKFURT (S&P Global Ratings) July 19, 2023--S&P Global Ratings today said that Nordea Bank Abp's (Nordea; ##-/Stable/A-1+) planned acquisition of Danske Bank's (A+/Stable/A-1) Norwegian retail and private banking operations is in line with the bank's aspirations to strengthen its core retail franchise in Norway. We consider the acquired business, comprising 285,000 customers, lending of 18 billion (predominantly low-risk prime mortgages), deposits of 4 billion, and assets under management of 2 billion, to be a good fit to scale up Nordea's personal banking operations in the highly competitive but attractive market. Nordea expects its mortgage market share to improve to 16% from 11% at closing, and the total loan portfolio in personal banking to grow by about 11% compared with year-end 2022. This transaction adds to Nordea's track record of inorganic growth in Norway where it acquired Gjensidige Bank ASA in March 2019 (renamed Nordea Direct Bank and subsequently merged into...
