Danske says Sampo Bank IT migration completed
COPENHAGEN, March 25 |
COPENHAGEN, March 25 (Reuters) - Denmark's Danske Bank (DANSKE.CO) said on Tuesday it had completed the migration of Finland's Sampo Bank onto its information technology platform, a key step in securing cost savings from the 2006 acquisition.
Danske bought Sampo Bank, the third-largest bank in Finland, from insurance firm Sampo (SAMAS.HE) for 30.1 billion Danish crowns ($6.23 billion) in November 2006 and closed the deal in February 2007.
The migration of Sampo Bank onto Danske's IT platform and organisational integration were still expected to generate annual savings of 610 million crowns with full effect from 2010, Danske said in a statement. (Reporting by Kim McLaughlin; editing by Sue Thomas)
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