Sydbank to acquire Coop Bank A/S

AL Sydbank A/S

21/05/2024 07:15

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 Company Announcement No 18/2024  Peberlyk 4 6200 Aabenraa Denmark Tel +45 74 37 37 37   Sydbank A/S CVR No DK 12626509, Aabenraa sydbank.dk  
 21 May 2024                                                                                                                                  

Dear Sirs

Sydbank to acquire Coop Bank A/S

Sydbank A/S and Coop amba have concluded an agreement to the effect that
Sydbank will acquire Coop Bank A/S. Following the acquisition, Coop Bank A/S
will become a wholly owned subsidiary of Sydbank A/S.

In addition the agreement includes a partnership that will create attractive
value propositions for the customers of Coop Bank A/S as well as for the other
members of Coop Danmark. It is expected that the partnership will generate
increased business volume at Coop Bank A/S.

Purchase price
The parties have agreed a price involving payment of the value of the equity
at the date of acquisition plus DKK 89m. The cash purchase price cannot be
finally calculated until the date of acquisition. The preliminary purchase
price has been calculated at DKK 345m.

Terms of acquisition
The implementation of the acquisition is conditional upon:
* Approval of the Danish FSA
* Approval of the Danish Competition and Consumer Authority
The terms are expected to be met by 31 July 2024.

Sydbank’s CEO Karen Frøsig on the acquisition:
I am pleased that we acquire Coop Bank and at the same time conclude a
partnership agreement with Coop Danmark. The bank differs from Sydbank and
other traditional banks by having created a seamless bank with efficient
processes. It is a unique offer to the customers who value few and simple
choices.

The acquisition comprises approx 88,000 customers, including 21,000 NemKonto
(Easy Account) customers. Coop Bank A/S’s lending totals DKK 1.3bn and
deposits DKK 3.1bn.

As a consequence of the acquisition of Coop Bank, Sydbank’s annual results
are projected to increase by around DKK 40m after tax.

It is expected that the acquisition will result in a decline in the capital
ratios of the Sydbank Group of around 0.5pp.

Yours sincerely

        
Karen Frøsig        Jørn Adam Møller
CEO        Deputy Group Chief Executive



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