The Danish Financial Supervisory Authority has approved Arbejdernes Landsbank's acquisition of PenSam Bank.

With this approval, preparations for the merger between the two banks are in “full swing” and the next step is for the Danish Financial Supervisory Authority to approve the merger itself, expected to take place during the autumn.

PenSam Pension decided to sell the business due to increasing regulatory requirements for banking operations and limited overlap with the core pension business.

The acquisition supports Arbejdernes Landsbank's broader growth strategy.
When the merger is completed, approximately 17,000 customers and 40 employees from PenSam Bank will join Arbejdernes Landsbank.

The provider said that it is already working to ensure a “good and safe” transition for both customers and employees.

Arbejdernes Landsbank advised PenSam customers that they are not required to take any action at this time. Arbejdernes Landsbank will provide all necessary information and updates as the merger progresses.

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