Sweden’s Swedbank and Norway’s SpareBank 1 alliance have announced plans to establish a jointly owned Nordic investment bank by expanding the Norwegian group’s SpareBank 1 Markets operation.
As part of the agreement, SB1 Markets will acquire Swedbank’s Corporate Finance and high-yield debt operations, while also extending its equity research and equity sales activities to Sweden, the companies stated.
Following the transaction, Swedbank will hold a 20% stake in SB1 Markets, while SpareBank 1 Sør-Norge will own 28.1%, SpareBank 1 SMN will control 31.9%, and SpareBank 1 Nord-Norge will have a 14.5% share.
The remaining stakes will be held by smaller Norwegian banks.
The jointly owned Nordic venture will employ approximately 240 bankers, including around 35 from Swedbank, and is expected to commence operations by the third quarter of this year.
“Swedbank’s corporate clients will gain access to a larger investment bank, with deeper sector expertise. They will also benefit from enhanced cross-border capabilities, expanded equity research, and wider distribution through the banks’ networks and through the Savings Banks alliances,”
says Bo Bengtsson, Head of Corporates and Institutions at Swedbank.
“This is a significant milestone. By combining our strengths and markets in SB1 Markets, we will take our partnership to the next level. Together we will become a truly competitive player on the Nordic market,”
says Stein Husby, CEO of SpareBank 1 Markets.
Featured image credit: edited from freepik
