Nordea buys Norway's Frende occupational pension portfolio

FILE PHOTO: The Nordea bank logo is seen at the bank's headquarters in Stockholm, Sweden, May 7, 2017. REUTERS/Ints Kalnins/File Photo

(Reuters) - Nordic banking group Nordea NDAFI.HE said on Monday it has agreed to acquire the occupational and individual pension portfolios from Frende Livsforsikring AS for an undisclosed sum.

Frende’s occupational and individual pension portfolios have total unit-linked assets of 4.2 billion Norwegian crowns (£356.94 million), and it has around 5,600 corporate customers representing around 32,000 individual policyholders.

Nordea said as part of the deal it will also enter into a long-term agreement to distribute pension products with the Norwegian savings banks that own Frende.

“They have a solid position in the Norwegian market, and together we can offer a full suite of pension products to both corporations and individuals,” Sorre Storset, head of Nordea’s Asset & Wealth Management, said in a statement.

($1 = 9.4277 Norwegian crowns)

Reporting by Tarmo Virki in Tallinn; Editing by Kim Coghill and Sriraj Kalluvila