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October 20, 2011updated 04 Apr 2017 3:47pm

Nordea buys Sydbank’s Swiss unit

Nordea Banks Luxembourg-based subsidiary has bought part of Sydbank's private banking client base in Switzerland. The agreement follows Sydbanks decision to scale down its Swiss-based activities. The terms of the purchase were not disclosed.

By Tina Leung

Nordea Bank’s Luxembourg-based subsidiary has bought part of Sydbank’s private banking client base in Switzerland.

The agreement follows Sydbank’s decision to scale down its Swiss-based activities. The terms of the purchase were not disclosed.

Sydbank’s clients will be transferred to Nordea Bank, Zweigniederlassung Zürich, and incorporated into the bank’s existing business model, Nordea Bank chief executive Jhon Mortensen said.

A similar arrangement in 2008 saw private banking clients from Glitnir Bank in Luxembourg, and Luxembourg-based Icelandic private bank Landsbanki, transferred to Nordea.

Nordea Bank has 380 employees in Luxembourg and Switzerland, and total assets under management of €191 billion ($262 billion).

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