Arbejdernes Landsbank has acquired PenSam Bank, after increased regulatory requirements for banking operations and limited overlap with the core pension business prompted PenSam Pension to sell the business.

Following the acquisition, which is part of Arbejdernes Landsbank's broader growth strategy, PenSam Bank's customers and employees will become part of the Arbejdernes Landsbank Group.

However, the Danish Financial Supervisory Authority must approve Arbejdernes Landsbank as a qualified owner of PenSam Bank, and the Danish Competition and Consumer Authority must approve the transaction before it is final.

If this happens as expected, the transfer will take place during the third quarter of 2025, after which the companies will start preparing the merger of the two banks, so that PenSam Bank is fully integrated into Arbejdernes Landsbank.

PensSam Pension explained that it was 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 also said that it was "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.

Commenting on the acquisition, PenSam Group CEO, Torsten Fels, said: "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."

Adding to this, Arbejdernes Landsbank deputy CEO, Frank Mortensen, said: "We constantly keep a close eye on the opportunities in the banking market, and PenSam Bank is a well-run bank that in many ways fits our profile well.

"I am therefore pleased to welcome both customers and future colleagues to the Arbejdernes Landsbank Group."

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