Lokalbanken i Nordsjælland has a strong market position on northern Zealand, with over 43,000 customers and a lending volume of 4 billion Danish kroner.

 

"The bank has 14 branches, with all except one of them located in towns where Handelsbanken currently does not have branches. Lokalbanken works like we do: highly decentralised with independent and proactive branch managers and a strong local base. In short: we suit each other perfectly - in both structural and cultural terms," says Frank Vang-Jensen, head of Handelsbanken in Denmark.

 

Thus there are no plans to make staff redundant or close any branches as a consequence of the acquisition. Instead the Handelsbanken Group in Denmark will grow from the current 40 branches to 54.

 

"We have achieved strong and sustainable growth in Denmark by combining organic growth with acquisitions. This bid is comparable to the investments we make when we open our own branches - the cost per branch is approximately the same. The difference is that we will now acquire 14 new branches which are already fully operational, with skilled staff doing excellent business with satisfied customers," says Handelsbanken's CEO Pär Boman.

 

The acquisition is expected to contribute to Handelsbanken's earnings per share as early as next year and the following year to yield a return on equity which is higher than the average for the Group. The total amount of the bid is 810 million Danish kroner, which exceeds Lokalbanken's equity by 68 million Danish kroner.

 

 

 

 

 

 

The media and analysts are invited to attend a joint press conference today at Lokalbanken's head office where CEO Bruno Riis-Nielsen and chairman of the board, Erik Uttenthal together with Frank Vang-Jensen, head of Handelsbanken in Denmark and Pär Boman, President and Group Chief Executive of Handelsbanken will present the transaction.

 

Time: 12.00 noon CET

 

Location: Slotsgade 36, Hillerød, Denmark.

 

The slide presentation from the press conference will be available at www.smbpbu77.dk from 12.00 noon CET today.

 

Photos of the press conference for the media will be available via Scanpix.

 

 

For media representatives who are unable to attend the press conference, it will be possible to interview Pär Boman by phone immediately after the press conference.

 

Interviews can be booked via Helene Lindstedt at +46 8-701 16 82 or e-mail: heli12@handelsbanken.se

 

 

At 3 p.m. CET, Handelsbanken will hold a phone conference for analysts. The presentation material will be available at www.handelsbanken.se/ireng from 1 p.m. CET. Participants from Handelsbanken are Ulf Riese, CFO and Mikael Hallåker, head of Investor Relations.

 

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