September 12, 2012 / 6:52 AM / 5 years ago

Denmark's Salling Bank, Vinderup Bank agree to merge

COPENHAGEN, Sept 12 (Reuters) - Two of Denmark’s smaller listed banks, Salling Bank and Vinderup Bank , said on Wednesday they had agreed to merge to obtain synergies, with Salling Bank as the continuing entity.

The banks said in a joint statement that none of Vinderup Bank’s 14 staff and none of Salling Bank’s 95 employees would lose their jobs.

“After the deal, the merged bank will be an even stronger local player ... with strengthened capital and a very strong liquidity,” the banks said in the statement.

“The financial sector is ... experiencing turbulent times and although both banks are healthy, we want to make sure that this is the best solution for all parties,” the banks said.

The merged bank will have a total balance sheet of 3 billion Danish crowns ($517.2 million), the two lenders said. ($1 = 5.8010 Danish crowns) (Reporting by Copenhagen Newsroom; Editing by David Holmes)

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