Swedbank’s acquisition of Sparbanken Öresund and creation of Sparbanken Skåne

Sparbanken Skåne – a new strong regional bank

FRI, FEB 14, 2014 07:00 CET

Sweden’s largest savings bank is being formed in Skåne. Färs & Frosta Sparbank, Sparbanken 1826 and parts of Sparbanken Öresund’s business will form Sparbanken Skåne.

Sparbanken Skåne is the merger of Färs & Frosta Sparbank, Sparbanken 1826 and the acquisition of Sparbanken Öresund’s business activities in Eslöv, Kävlinge, Lund and Staffanstorp municipalities. Sparbanken Skåne AB will be the largest savings bank in Sweden, with a business volume of approximately SEK 170bn and around 420 000 customers in 17 municipalities. The new savings bank will have around 650 employees and 44 branches.

Swedbank acquires all shares in Sparbanken Öresund and will then sell the operations in the above mentioned municipalities to the new savings bank.

Sparbanken Skåne will be owned by Sparbanksstiftelsen Färs & Frosta, Sparbanksstiftelsen 1826 and Sparbanksstiftelsen Öresund each with a holding of 26 per cent, and by Swedbank with a holding of 22 per cent.

Sparbanksstiftelsen Gripen, currently co-owner in Sparbanken Öresund, has decided to focus on its already strong social engagement and will not be a shareholder in the new savings bank.

The Chair of the new savings bank will be Bertil Engström, currently CEO of Färs & Frosta Sparbank. Bo Bengtsson, currently CEO of Sparbanken 1826, will be CEO of the new savings bank.

Sparbanken Öresund’s remaining branches and business activities in Malmö, Trelleborg, Landskrona, Lomma, Helsingborg and north-west Skåne will become part of Swedbank’s Southern Region. Färs & Frosta Sparbank’s operations in Lomma will become a part of Swedbank’s Southern Region at the same time. Lars Ljungälv, the current CEO of Sparbanken Öresund, will be the new head of the Southern region and a member of Swedbank’s Group Executive Committee.

The transactions are subject to approval by the Swedish Financial Supervisory Authority and the Swedish Competition Authority. Approvals are expected in the second quarter of 2014. In addition, the transactions are subject to the approval of the Board of Directors of Sparbanksstiftelsen Öresund and the Board of Directors of Sparbanksstiftelsen Gripen.

Link to press release:

Swedbank (English)