The ABN Amro’s Alfred Berg has bought the asset management activities of Norwegian banking alliance SpareBank in a deal worth around E6.7m. The transaction involves around E2bn in assets.
“Alfred Berg Industriefinans in Norway has bought the asset management activities of SpareBank 1 Gruppen, called Sparebank 1 Aktiv Forvaltning, for around E6.7m,” Alfred Berg’s parent ABN Amro says.
Alfred Berg has also signed three-year asset management agreements with alliance members SpareBank 1 Livsforsikring, SpareBank 1 Skadeforsikring and ODIN Forvaltning.
The sale stems from SpareBank’s decision to focus on the savings and insurance market.
“The agreement shows confidence in our company and an appreciation of our results in asset management,” says Arild Orgland, chief executive of Alfred Berg Industrifinans (ABI). “The co-operation confirms the position of ABI as a leading asset manager in the Norwegian market.”
SpareBank chief executive Gunn Wærsted comments:“We look positively on the long term, strategic relationship with Alfred Berg Industrifinans.”
ABN Amro said the sale is subject to regulatory approval and that SpareBank Aktiv Forvaltning manages around NKr15.8 bn (E2bn) of assets.