PenSam Bank sold to Arbejdernes Landbank
PenSam Pension entered into an agreement to divest its subsidiary PenSam Bank to Arbejdernes Landbank, one of the six largest banks in Denmark and the most preferred amongst the Danes for the last 16 years.
As part of the sale, the 17,000 customers and 40 employees in PenSam Bank will be transferred to Arbejdernes Landsbank. The transaction is subject to customary regulatory approvals.
The transaction is part of Arbejdernes Landsbank’s ambitious growth strategy, where the goal is to grow both through organic growth, but also through acquisitions when the right opportunities arise.
For PenSam Pension, it is particularly the increased regulatory requirements for banking operations and modest synergies in relation to the core pension business that led to the decision to sell PenSam Bank. It has also been crucial for PenSam Pension to find a buyer who would ensure attractive terms for customers and a proper and flexible transition for the bank’s employees to their new workplace.
The PenSam Group now only consists of labor market pensions with approximately 500,000 members. In 2023, the group divested its insurance operations. For the past 35 years, PenSam Bank has offered banking solutions to the members of PenSam Pension, and their respective families.
Arbejdernes Landsbank is a full service, retail bank, represented through many branches covering most of Denmark. Arbejdernes Landsbank has about 1,100 employees, and about 350,000 commercial and private customers.
Clairfield International acted as exclusive financial advisor to the seller PenSam Pension.
«Over the years, PenSam Bank has offered good and tailored banking solutions for PenSam’s members. I am very pleased that it is Arbejdernes Landsbank that is now taking over PenSam Bank. We share a natural commonality of values, and the acquisition opens up new opportunities for our customers in a bank that also understands them and their needs.»
— Torsten Fels, CEO of PenSam Pension
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