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Norwegian regulator approves Nordea's acquisition of Gjensidige Bank

The Norwegian Competition Authority approved Swedish lender Nordea Bank AB (publ)'s proposed acquisition of Gjensidige Bank ASA, a unit of Norwegian insurance group Gjensidige Forsikring ASA, for 5.5 billion Norwegian kroner.

The deal was announced July 2, and is expected to complete in the first quarter of 2019.

The acquisition will add 170,000 retail customers to Nordea Norway's customer base. It will also increase Nordea's loan portfolio to approximately 578 billion kroner.

The merger is now pending approval from the Norwegian Ministry of Finance.

As of Sept. 6, US$1 was equivalent to 8.42 Norwegian kroner.