January 2014

Financial advisor for Sparekassen Himmerland and Sparekassen Hobro in the merger of Jutlander Bank

ATRIUM advised the listed bank, Sparekassen Himmerland, and non-listed savings bank, Sparekassen Hobro, in connection with the merger of the two institutions. The merger is the first between a listed financial institution and a non-listed savings bank where the listed financial institution is the continuing company.

The merged bank will be named Jutlander Bank and will have 97,000 customers, total assets of over DKK 14 bn, equity of approx. DKK 2.4 bn and a solvency ratio of 16.4 %.

The merger will create a strong local bank that will be even stronger in the future. The merger differs from various previous mergers in the financial sector in that the two banks merged not because of forced circumstances but to secure a strong local bank for the future.

ATRIUM handled the preparation of the merger document within a very limited time frame determined by regulatory deadlines. Furthermore, ATRIUM verified the exchange ratio for the guarantee capital into shares and carried out certain financial due diligence in the two banks.