Nordea, the Nordic banking firm, agreed last week to buy Oslo-based Gjensidige Bank for NOK 5.5 billion. The deal includes a long-term strategic agreement with insurance company Gjensidige in Norway.
Terms call for Nordea to offer its 900,000 customers in Norway insurance products from Gjensidige (roughly pronounced yen-siddy-ya).
Gjensidige wrote in a report to the Oslo Stock Exchange that the deal will take effect during the first quarter of next year. Gjensidige CEO Helge Leiro Baastad said the agreement will increase possibilities for Gjensidige to expand through close cooperation with Nordea.