July 2, 2018 / 4:28 AM / 5 months ago

CORRECTED-Sweden's Nordea to buy Norwegian insurer Gjensidige's banking arm for $673 mln

(Corrects to say deal is for Gjensidige Forsikring’s banking unit Gjensidige Bank, not the whole company)

July 2 (Reuters) - Sweden’s Nordea Bank AB said on Monday it would buy Gjensidige Forsikring’s banking business Gjensidige Bank ASA for about 5.5 billion crowns ($673 million) in cash to expand in the Norwegian market.

Nordea expects to deliver annualised cost synergies of about 25 million euros ($29 million) from the combined company’s cost base by 2022, Nordea Bank said.

The deal, expected to close in the first quarter of 2019, will have a positive impact on Nordea’s earnings per share from the first year, it said. ($1 = 8.1717 Norwegian crowns) ($1 = 0.8584 euros) (Reporting by Ismail Shakil in Bengaluru; Editing by Gopakumar Warrier)

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