Skandinaviska Enskilda Banken AB completed the sale of Danish pension units SEB Pensionsforsikring A/S and SEB Administration A/S to Danica Pension Livsforsikrings A/S, a subsidiary of Danske Bank A/S.
The deal received approval from the Danish Competition Council on May 30, and all conditions for the sale have been met, SEB said June 7.
The pension units and their employees, customer contracts and systems have all been transferred to Danica Pension. The deal involved the disposal of a portfolio of life and pensions contracts and approximately 275 employees.
SEB said the capital gain from the deal was 3.6 billion Swedish kronor at closing, to be reflected in its second-quarter results. The deal would have a limited effect on its key group financial ratios on a pro forma basis for January to March, while its common equity Tier 1 ratio would have risen by 0.6 percentage point to 19.6%.
As of June 6, US$1 was equivalent to 8.74 Swedish kronor.
