The divestment of the Danish operations follows Handelsbanken’s announcement in October 2021 to leave the Danish market and increase focus on its primary markets including Sweden, Norway and the UK

On 20 June 2022, Handelsbanken announced that it has entered into an agreement to sell its operations in Denmark to Jyske Bank. The sale is contingent on customary regulatory approvals and is expected to be completed in Q4 2022

The agreement includes business relationships with private and corporate customers, 43 branches and approximately 600 employees. The assets that are transferred amount to approximately DKK 70bn as of 31 March 2022 and the purchase price will be based on the present value of the net assets on the transfer date, plus a premium of c. DKK 3.0bn

The Danish activities of Handelsbanken were established in 1992 and have since grown organically, supported by the acquisition of Midtbank and Lokalbanken. Today, Handelsbanken in Denmark has more than 130,000 clients with loans and deposits of DKK 66bn and DKK 36bn respectively

Jyske Bank is one of the largest banks in Denmark with 3,200 employees across a nationwide branch network of 80 branches as well as central staff and specialist functions in Silkeborg and Greater Copenhagen