BankNordik has submitted a binding bid on parts of Amagerbanken to the governmental organisation Finansiel Stabilitet which has put these up for sale.
The interest for acquiring parts of Amagerbanken is aligned with the strategy of controlled growth, which has guided the bank’s strong development during the past years. The strategy builds on a close relation to the customers, stringent credit management, and a constant focus on profitability in all its activities. Last year, BankNordik acquired nine bank branches in Denmark and three bank branches in Greenland.
“We plan to expand our activities in Denmark further. Primarily through organic growth, but we are also monitoring opportunities for acquiring attractive activities that fit our business model. Like the traditional activity in Amagerbanken, we focus on having a close dialogue with the customers and on close relations with the local market,” said Janus Petersen, CEO of BankNordik.
BankNordik’s potential investment will be financed partly by current equity and partly by strengthening the already strong capital base. The bank has therefore been in contact with a group of institutional investors in this regard. The institutional investors support the investment case and have offered their binding commitment to participate in providing hybrid capital to a significant part of the financing.
A core solvency of 17 per cent at year-end 2010 places BankNordik as one of the most solid banks in the Nordics, and the bank has for many years demonstrated high profitability.
Because of the nature of the sales process, BankNordik cannot provide further information on the bid at the moment. Therefore, BankNordik cannot provide further information on the expected financial, business and organisational implications of the potential acquisition. However, Finansiel Stabilitet aims to review the received offers quickly and disclose a decision shortly.
For further information:
Janus Petersen, adm. direktør, telefon +298 230 340