Denmark's Sydbank buys rival Alm. Brand Bank (updated)

ALM. Brand A/S

01/10/2020 07:57

(Adds details)
    COPENHAGEN, Oct 1 (Reuters) - Danish lender Sydbank
 SYDB.CO  has agreed to buy rival Alm. Brand Bank  ALMB.CO  for
1.83 billion Danish crowns ($289 million), equal to 95% of book
equity, both banks said on Thursday. 
    The transaction, pending regulatory approval, is expected to
be completed by Nov. 30. 
    Alm. Brand said it would issue an extraordinary dividend of
8 crowns per share when the transaction closes. 
        ($1 = 6.3358 Danish crowns)

 (Reporting by Nikolaj Skydsgaard; editing by Jason Neely;
Editing by Toby Chopra)
 ((Nikolaj.Skydsgaard@thomsonreuters.com;))