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Alm. Brand obtains approval for acquisition of majority of Saxo Privatbank

Alm. Brand A/S acquired all regulatory approvals needed for its acquisition of the majority of Saxo Privatbank A/S' activities for 360 million Danish kroner.

The firm said the deal was approved by the Danish Competition and Consumer Authority on March 14 and was then approved by the Danish Financial Supervisory Authority on March 20. The acquisition will be completed April 1, as planned.

The deal is expected to contribute annual synergies of about 75 million kroner from 2019 before amortization of the value of customer relationship, Alm. Brand noted.

As of March 20, US$1 was equivalent to 6.08 Danish kroner.