Nykredit A/S said it agreed to sell part of the stake in Ringkjøbing Landbobank A/S it will acquire from Jyske Bank A/S following the merger between Ringkjøbing Landbobank and Nordjyske Bank A/S to Danish pension fund ATP, in a deal that will reduce Nykredit's stake to less than 10%.
Nykredit and ATP will each own between 5% and 10% of the merged bank. Nykredit noted that it has no plans to reduce the stake further.
Nykredit earlier concluded a conditional agreement with Jyske Bank to buy the stake the latter will acquire following completion of the merger. Jyske Bank owns 38% of Nordjyske Bank and had made a full takeover offer for the lender, but saw that offer trumped when the Ringkjøbing tie-up was announced.
Jyske Bank will end up with an 11% stake in Ringkjøbing after its merger with Nordjyske.