Denmark’s competition regulator has cleared Jyske Bank A/S to acquire FP Kapital A/S (Formuepleje), removing a condition for a deal aimed at expanding the bank’s wealth-management business.
Jyske Bank said Oct. 19 that the Danish Competition and Consumer Authority had approved the transaction. Jyske Bank announced the binding agreement on Sept. 2. It covers all shares in FP Kapital and was subject to necessary regulatory approvals.
Formuepleje has about 14,000 investors, roughly DKK 40 billion in assets under management and close to 100 employees, according to figures Jyske Bank disclosed when it announced the agreement.
The bank expects annual net fee income slightly above DKK 200 million from the acquisition. It projects that the purchase will begin increasing earnings per share in 2028 and estimates integration costs of about DKK 100 million.
Jyske Bank said the deal supports its effort to grow wealth management and strengthen its position among affluent customers. The bank said Formuepleje would gain access to its scale and platform, while customers would have a broader range of products and advisory services.
Jyske Bank expects the transaction to take effect Nov. 2.
