Nordea has agreed to pay €575m to acquire SG Finans AS, the Norwegian subsidiary of Society General that provides equipment finance and factoring solutions and operates across Norway, Denmark and Sweden.
The deal is in line with Nordea's growth objectives and focus on its core home region, as outlined at its Capital Markets Day in October, the pan-Nordic financial group stated.
Frank Vang-Jensen, president and Group CEO of Nordea, said: "We are happy to announce this transaction. SG Finans runs a successful business with very satisfied customers in three of our four home markets. This acquisition strengthens our ability to advice and help small and medium-sized corporates with their financial needs."
SG Finans has been described as a complement to Nordea Finance. It will add some 50,000 corporate customers to Nordea in the business areas in which it focuses, which in turn will be targeted with the full product range of Nordea.
Nordea has previously increased its presence in Norway through the acquisition of Gjensidige Bank. The acquisition of SG Finans is subject to regulatory approvals and is expected to close in the second half of 2020.