Reykjavik (IFN) BNbank, a part of the Icelandic financial group Glitnir, today entered into an agreement to acquire 45 per cent of the shares in Norsk Privatøkonomi ASA, Glitnir announced on Tuesday.
The completion of the acquisition is dependent on a satisfactory due diligence process and approval from Norwegian authorities. The acquisition price was not disclosed.
Norsk Privatøkonomi ASA is an independent financial advisory company with 12 branches in key areas of Norway. The acquisition strengthens BNbank and Glitnir's distribution in Norway, Glitnir said.
In the first six months of 2006, Norsk Privatøkonomi arranged loans to a total value of NOK2.8 billion (EUR35.5 million) and sold savings products to a value of NOK1.1 billion (EUR12.4 million).
?Our aim is to consolidate our distribution capacity, by combining Norsk Privatøkonomi's strong position in the financial advisory market with BNbank's solid product platform" said Gunnar Jerven Bnbank's chief executive.
?The strategic co-operation between BNbank and Norsk Privatøkonomi and the acquisition of shares in the company will also contribute to a closer co-operation with other units of the Glitnir group. For example, we expect Norsk Privatøkonomi and Glitnir subsidiaries UNION Group and Glitnir Kapitalforvaltning to join forces for specific projects," said Mr. Jerven.
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