Jyske Bank will add Danish wealth manager Formuepleje to its group after regulatory approval, broadening its wealth-management business and its reach among affluent customers.
In its Oct. 30 release, Jyske Bank said its acquisition of FP Kapital A/S, known as Formuepleje, will take effect Monday, Nov. 2. The Danish Competition and Consumer Authority approved the deal Oct. 19, after the bank announced the agreement Sept. 2.
The deal covers all shares in FP Kapital. When it announced the agreement, Jyske Bank said Formuepleje had about 14,000 investors, close to 100 employees and roughly DKK 40 billion under management.
Jyske Bank said the purchase would expand its advisory business and help it reach a broader affluent clientele. The bank said Formuepleje would benefit from its scale and platform, while customers would have a wider choice of products and advisory services, as outlined in EconoTimes’ earlier coverage of the approval.
The acquisition is scheduled to take effect Monday, Nov. 2.
