Denmark's Jyske Bank to buy BRFkredit for $1.4 bln

COPENHAGEN Mon Feb 24, 2014 12:57pm EST

Related Topics

COPENHAGEN Feb 24 (Reuters) - Jyske Bank, Denmark's third-biggest bank, has agreed to buy the country's fourth-largest mortgage credit institution BRFkredit for around 7.4 billion Danish crowns ($1.4 billion) in shares and cash, it said on Monday.

The seller, holding company BRFholding, will become the largest shareholder in Jyske Bank after the deal with a 25 percent holding, Jyske Bank said in a statement.

The deal is subject to approval by both companies' shareholders, as well as the relevant authorities. It is expected to be implemented in the second quarter of 2014.

($1 = 5.4365 Danish crowns) (Reporting by Teis Jensen; Editing by Mark Potter)