Norway's second-biggest bank, Nordea, is set to add 176,000 customers following its acquisition of online outfit Gjensidige Bank for €578m ($672m). The deal also includes a "long-term mutual distribution cooperation" between the two firms. In an interview with Dagbladet on Monday, CEO Bjørn Kjos said that while he was not surprised by the size of the deal, it did come as no surprise. The bank said it expects a return on investment of around 16% and cost synergies of €25m by 2022. The acquisition is set to complete in Q1 2019.
Norway's second-biggest bank, Nordea, is set to add 176,000 customers following its acquisition of online outfit Gjensidige Bank for €578m ($672m). The deal also includes a "long-term mutual distribution cooperation" between the two firms. Gjensidige offers digital banking services including mortgages and savings, and investments via its network of partners, and is set to be gradually integrated with Nordea. The bank said it expects a return on investment of around 16% and cost synergies of €25m by 2022. The acquisition is set to complete in Q1 2019.