Spar Nord

Type
Merger/Acquisition
Country
Denmark
Region
Danmark; Nordjylland; Nordjylland
Location of affected unit(s)
Aalborg
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64.1 - Monetary intermediation
64.19 - Other monetary intermediation
150 jobs
Number of planned job losses
Job loss
Announcement Date
22 November 2012
Employment effect (start)
1 December 2012
Foreseen end date

Description

In October 2012, Danish banks Spar Nord and Sparbank merged. Spar Nord announced 150 redundancies.

According to the Financial Services Union in Denmark (Finansforbundet) 90 of these cuts will be implemented through direct dismissals, while the rest will be implemented by natural attrition. After the restructuring Spar Nord will have around 1,500 employees.

Sources

  • 22 November 2012: Ritzaus Bureau
  • 22 November 2012: Berlingske.dk

Citation

Eurofound (2012), Spar Nord, Merger/Acquisition in Denmark, factsheet number 74649, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/74649.