Spar Nord Bank, Sparbank to merge

COPENHAGEN, Sept 18 Tue Sep 18, 2012 2:54am EDT

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COPENHAGEN, Sept 18 (Reuters) - Danish banks Spar Nord Bank and Sparbank are to merge to create an enlarged group with nationwide coverage and be in a better position to be competitive in the retail and commercial customer segments, improving earnings.

The banks said on Tuesday Sparbank shareholders would receive two new shares in Spar Nord for each share currently held in Sparbank.

Including Spar Nord Bank's 67 branches the merged bank will have 90 branches at the date of the merger, they said.

Last week, two of Denmark's smaller listed banks, Salling Bank and Vinderup Bank, said they were to merge. (Reporting by Mette Fraende; Editing by Dan Lalor) (Copenhagen newsroom, tel: +45 3396 9649, e-mail: copenhagen.newsroom@thomsonreuters.com)

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