The European Union has given its approval to Danske Bank's proposed $1.8 billion acquisition of two Irish banks, after successfully completing its anti-trust procedures.
Danske, the largest bank in Denmark, has agreed the price, equivalent to E1.4 billion, with National Australian Bank to take control of Northern Ireland’s Northern Bank and the Republic of Ireland’s National Irish Bank. National Australian has been looking to sell its non-core assets under a streamlining initiative instigated last year.
The Northern Bank has been in the news recently as it was the victim of the largest ever bank robbery in the country’s history. The equivalent of $50 million was stolen from the bank’s main vault. National Australian Bank said it would be covering the losses itself as it had no outside insurance.
Northern Bank, the largest retail bank in Northern Ireland, has 415,000 customers, while National Irish Bank, based in Dublin, retains 167,000 retail customers.