December 21, 2017 / 7:31 AM / 3 months ago

Nordea to sell stake in Danish life and pensions unit

STOCKHOLM, Dec 21 (Reuters) - Banking group Nordea said on Thursday it had agreed to sell a 45 percent stake in its Danish life and pensions unit, Nordea Liv & Pension, in a deal seen generating a capital gain of 172 million euros after tax.

The Nordic region’s biggest bank said it was selling the stake in Nordea Liv & Pension for 472 million euros ($560 million) to Foreningen Norliv, a body representing the customers of the life and pensions unit.

The deal, which was seen closing in the first quarter once approvals from Denmark’s financial watchdog and competition authorities were secured, would raise Norliv’s holding in the unit to 70 percent after it bought an initial stake last year.

“Norliv’s offer is the natural next step after the purchase of a minority stake last year and the legacy of customer ownership in the Danish pensions market,” Gustaf Unger, CEO of Nordea Life Holding, said in a statement.

Nordea’s remaining 30 percent stake in the Danish life and pensions unit would also be remeasured to fair value in connection with the deal, a move seen resulting in an additional capital gain of 115 million euros, the bank said.

$1 = 0.8422 euros Reporting by Niklas Pollard; editing by Johannes Hellstrom

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