"Nordea has signed an agreement to acquire Fionia Bank, excluding the 'bad bank' part, and thereby further strengthens its position and gets a very strong market position in the Funen region in Denmark. We have captured a unique opportunity. By acquiring Fionia we continue our growth in Denmark ... to the benefit of both Fionia's and Nordea's customers and our shareholders.The deal is expected to have a clearly positive return on investment from 2011," Nordea said in a statement.
Nordea said that would take on Fionia's 400 staff at 29 branches. The deal is pending approval from Danish competition authorities and is expected to be concluded in October.