The final agreement between BankNordik and the Financial Stability Company regarding the acquisition of Amagerbanken was signed today. Since the agreement regarding the acquisition of parts of Amagerbanken's activities was reached between BankNordik and Financial Stability 18 May, BankNordik has in cooperation with Amagerbanken prepared for a quick and efficient the takeover. Thus the acquisition is executed immediately and takes effect from today, 1 July 2011.
"It is with great pleasure that we today welcome Amagerbanken’s customers. Following a period of uncertainty the bank is now on solid ground," says Janus Petersen, CEO of BankNordik.
Following the acquisition of Amagerbanken’s healthy parts BankNordik has a solvency ratio of 15%. That makes BankNordik one of the best consolidated banks in the Nordic countries.
With the acquisition of the healthy parts of Amagerbanken BankNordik obtains approx. 90,000 new customers and the bank’s deposit surplus increases by DKK 1.1 billion to DKK 1.6 billion. At the same time the bank's geographical and industrial diversification is improved.
Amagerbanken’s customers will meet familiar faces after BankNordik takes over, as the vast majority of Amagerbanken’s customer advisors will remain in their positions in the branch network. BankNordik will employ 200 of the former staff of Amagerbanken, which is 30 FTE more than foreseen in the original contract regarding the acquisition. All the trainees in Amagerbanken will also transfer to BankNordik and thus their continued education is secured.
Moving forward, 13 reinforced branches will service Amagerbanken’s customers. Six are located on Amager, five in the rest of the Copenhagen area, and one in Aarhus and Odense respectively. 11 of the bank’s smaller units in the metropolitan area will be merged 4 July 2011 with nearby branches, in order to provide a broader scope, enhanced competences and improved profitability. The merger between the branches will be carried out during the weekend 2-3 July 2011 in order for the new and strengthened branches to be ready to welcome the customers Monday July 4. At the same time lending activity will resume. Over the next few days all of the approx. 90.000 new customers will receive a personal welcome letter including information regarding their new branch and advisor.
In addition to a good market coverage in the Copenhagen area BankNordik has branches in Odense, Århus, Esbjerg, Kolding, Vejle, Horsens, Silkeborg, Skanderborg and Haderslev. The Bank has an additional five branches on the Faroe Islands and three in Greenland.
"We will continue the course of being a local bank, close to customers and with rapid decision process. At the same time we have the capital strength to make a difference," says Jan Ulsø Madsen, head of BankNordiks activities in Denmark.
"BankNordik wants to develop long term relationships and solid partnerships, and we are responsive to our customers' needs, in good as in bad times. This model has brought good results to BankNordik - even during the financial crisis - and has also secured the bank high customer satisfaction as well as good profitability," says Jan Ulsø Madsen.
BankNordiks acquisition of Amagerbanken is consistent with its strategy of controlled growth that has guided its rapid development in recent years. The strategy is based on close relationships with customers, tight credit control and emphasis on profitability in all activities.
Additional information:
Janus Petersen, CEO, Tel: (+298) 330 340
Jan Ulsø Madsen, director of BankNordik in Denmark, Tel: 76 97 80 40
BankNordik was founded over 100 years ago in the Faroe Islands. The Group has banking activities in Denmark and Greenland and the Faroe Islands and insurance activities on the Faroe Islands and Iceland. After the acquisition of Amagerbanken the bank will have assets of DKK 20 billion and more than 600 employees. The Bank is subject to the Danish Financial Services Authority and participating in the Danish deposit guarantee fund. BankNordik is listed on NASDAQ OMX Copenhagen.