Nordic-Baltic banking group Swedbank has acquired Sparbanken Öresund to enhance its market position in Southern Sweden.
Through a simultaneous structural deal, a new regional bank called Sparbanken Skåne will be formed in which Swedbank will have a 22% ownership.
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As part of the deal, which will offer significant opportunities for long-term value creation, Swedbank will take over 16 branches of Sparbanken Öresund apart from a new market position in Båstad, Ängelholm and Lomma.
With this deal, Sparbanken Skåne will be the largest savings bank in Sweden.
Lars Ljungälv, currently CEO of Sparbanken Öresund, will become the new head of Swedbank’s Southern Region. In addition, Ljungälv will also become a member of Swedbank’s group executive committee.
Stojko Gjurovski, current head of the region, will continue in parallel for a transition period.
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By GlobalData
