February 5, 2018 / 7:50 AM / 10 months ago

BRIEF-Alm.Brand To Acquire Activities Of Saxo Privatbank A/S

Feb 5 (Reuters) - ALM. BRAND A/S:

* ALM. BRAND TO ACQUIRE ACTIVITIES OF SAXO PRIVATBANK A/S

* ACQUISITION WILL INCREASE ALM. BRAND BANK’S BUSINESS VOLUME BY ABOUT 50%

* ACQUISITION IS EXPECTED TO BE COMPLETED ON 1 APRIL 2018

* ‍EXPECTS TO SIGNIFICANTLY IMPROVE ITS EARNINGS ONCE INTEGRATION WITH ITS CURRENT ACTIVITIES HAS BEEN COMPLETED​

* SELLER OF ACTIVITIES IS SAXO PRIVATBANK A/S, A WHOLLY-OWNED SUBSIDIARY OF SAXO BANK A/S

* ‍ACQUISITION OF ACTIVITIES OF SAXO PRIVATBANK A/S WAS MADE ON 5 FEBRUARY 2018 WITH EXPECTED TAKEOVER ON 1 APRIL 2018​

* ‍TOTAL SYNERGIES AND HENCE CONTRIBUTIONS FROM ACQUIRED ACTIVITIES ARE EXPECTED TO AMOUNT TO SOME DKK 75 MILLION ANNUALLY​

* ACQUISITION IS SUBJECT TO APPROVAL BY DANISH FINANCIAL SUPERVISORY AUTHORITY AND DANISH COMPETITION AND CONSUMER AUTHORITY Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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