Nykredit has finalized its acquisition of Spar Nord, making it the third-largest bank in Denmark, behind Danske Bank and Nordea. The announcement was made in a stock exchange statement on Wednesday.

The deal, valued at DKK 24.7 billion, received final approval from the competition authorities just over a week ago, paving the way for the takeover. Shareholders in Spar Nord have already received payment for their shares.

As part of the acquisition, CEO Lasse Nyby and bank director John Lundsgaard will resign from their positions at Spar Nord by June 30. The management of Spar Nord will become part of Nykredit’s overall banking area.

Nykredit CEO Michael Rasmussen stated that the company looks forward to welcoming Spar Nord customers and colleagues. He added that much will remain the same for both customers and colleagues during the integration period. There are plans to delist Spar Nord from the stock exchange in the long term.

The Danish Financial Supervisory Authority approved the deal in February. The Danish Competition and Consumer Authority also gave its approval. The authorities assessed whether the takeover would significantly restrict competition in the banking or mortgage market. The Danish Competition and Consumer Authority paid particular attention to the connection between the mortgage market and the banking market.

A commitment agreement from Nykredit in 2024 reduced the barriers to leaving the Totalkredit collaboration. This agreement allows banks to switch providers of mortgage loans without losing commission on already brokered Totalkredit loans.