Denmark's Sydbank has entered into an agreement to acquire Coop Bank from Coop amba, the association behind Coop Danmark.
Coop Bank will retain its name and continue to offer the same benefits to Coop members who buy groceries with the Coop app, the retailer noted.
Coop amba is selling Coop Bank as part of an agreement between the former and the energy company OK, announced in April 2024.
At the time, Coop amba said it would sell part of its assets, including Coop Bank, to inject money into Coop Danmark.
'The Perfect Match'
Kristine Martin Berg, chair of the board of Coop Bank and deputy chair of Coop amba's board stated, "It has been crucial for us to find a buyer who will continue to offer Coop's members and the bank's customers special offers.
"We have also emphasised that a new owner must understand Coop Bank's DNA and, of course, run his business with great propriety. Sydbank brings all that, and therefore I am convinced that we have found the perfect match."
Commenting on the deal, managing director of Sydbank, Karen Frøsig said, "With its simple options and efficient processes, Coop Bank is a bank whose set-up appeals to us.
"We are very much looking forward to offering Coop's members more banking solutions, easy digital solutions, and, not least, strong customer relations, which we work hard for every day."
The Deal
The deal, expected to close by 31 July 2024, is subject to approval from the Danish Financial Supervisory Authority and the Danish Competition and Consumer Authority.
Recently, Coop Bank achieved a sixfold increase in profit to DKK 41.3 million (€5.5 million).
Allan Nørholm, CEO of Coop Bank added, "I believe that the new collaboration can help to strengthen Coop Bank[...]. As a strong financial owner, Sydbank will benefit our current 88,000 customers, and the new partnership can help us grow further."
