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Sydbank leads in major bank merger
Merger between three Danish banks must be voted through by shareholders before an agreement comes into effect.
Sydbank, Arbejdernes Landsbank and Vestjysk Bank to merge.
Henning Bagger/Ritzau Scanpix
Sydbank, Arbejdernes Landsbank and Vestjysk Bank will merge and form a new bank under the name AL Sydbank A/S. Sydbank will be the continuing financial institution with its headquarters in Aabenraa.
For the local area, the merger is of particular significance because Sydbank has a business department in Næstved, while Arbejdernes Landsbank has a branch in Nykøbing. This means both private and business customers in South Zealand and Lolland-Falster will have a new and larger bank to deal with.
The new AL Sydbank will become one of the country's five largest banks with total loans of 137 billion kroner and deposits of 207 billion. According to the banks themselves, the merger is intended to create a stronger and more efficient bank with local roots and greater opportunities to assist both private individuals and businesses.
The merger must now be approved at general meetings in December and is expected to take effect before the end of the year.
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