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UPDATE 1-Denmark's Sydbank buys rival Alm. Brand Bank

(Adds details)

COPENHAGEN, Oct 1 (Reuters) - Danish lender Sydbank has agreed to buy rival Alm. Brand Bank for 1.83 billion Danish crowns ($289 million), equal to 95% of book equity, both banks said on Thursday.

The transaction, pending regulatory approval, is expected to be completed by Nov. 30.

Alm. Brand said it would issue an extraordinary dividend of 8 crowns per share when the transaction closes.

$1 = 6.3358 Danish crowns Reporting by Nikolaj Skydsgaard; editing by Jason Neely; Editing by Toby Chopra

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