Nordea allowed to acquire Danske Bank

The Norwegian Competition Authority has approved Nordea’s acquisition of Danske Bank’s personal customer operations.

The acquisition was notified to the Competition Authority on 3 October 2023. The market for banking services is a large and significant market for Norwegian consumers. A thorough examination of Nordea’s acquisition of Danske Bank’s private customer operations has therefore been required. During its review, the Authority has collected and analyzed detailed information from the parties, their competitors and other actors in the banking market.

– The Competition Authority has now assessed the acquisition thoroughly and concluded that Nordea’s acquisition of Danske Bank will not significantly impede effective competition in the banking market. Consequently, the acquisition can now be implemented, says Director General Tina Søreide.

Well-functioning competition is essential to ensure that Norwegian bank customers pay the lowest interest rates possible on their mortgages. Active participation by consumers in the market can help to ensure that competition works as well as possible. By being informed about the terms of their mortgages, comparing prices, and switching banks, if necessary, consumers can help create a competitive environment that benefits everyone.

 

A timeline of the case

3 October 2023: Notification received

7 November 2023: Competition Authority notifies the parties that it needs to continue its assessment of the acquisition (legally imposed 25-day warning)

15 December 2023: The Competition Authority approves the acquisition

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Portrait photo of Tina Søreide
Tina Søreide, Director General of the Norwegian Competition Authority