(Corrects to say deal is for Gjensidige Forsikring’s banking unit Gjensidige Bank, not the whole company)
July 2 (Reuters) - Sweden’s Nordea Bank AB said on Monday it would buy Gjensidige Forsikring’s banking business Gjensidige Bank ASA for about 5.5 billion crowns ($673 million) in cash to expand in the Norwegian market.
Nordea expects to deliver annualised cost synergies of about 25 million euros ($29 million) from the combined company’s cost base by 2022, Nordea Bank said.
The deal, expected to close in the first quarter of 2019, will have a positive impact on Nordea’s earnings per share from the first year, it said. ($1 = 8.1717 Norwegian crowns) ($1 = 0.8584 euros) (Reporting by Ismail Shakil in Bengaluru; Editing by Gopakumar Warrier)